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2021-12-27

Nice. Thanks for the article.

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2021-12-27

Nice ‌[强] ‌

Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote>

2021-12-20

Champs [Wow]

Society Pass surged nearly 70% in premarket trading<blockquote>Society Pass 盘前交易飙升近 70%</blockquote>

2021-12-20

Wow…[Surprised]

Verso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote>

2021-12-20

Thanks for the heads up! 🙏🏻

EV stocks fell in premarket trading, with Tesla falling more than 2%.<blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote>

2021-12-20

Gravity defying fruit! Go Apple go!

Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>

2021-12-20

[OMG]

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2021-12-20

Wow… almost like a TV drama… Thanks forthe report.

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2021-12-20

Noted.

抱歉，原内容已删除

2021-12-20

Awesome report! Thanks

Sea Stock: Down 43% From Its High, is a Buy Now?<blockquote>Sea股票：较高点下跌43%，现在买入吗？</blockquote>

2021-12-17

EV stocks moving in tandem… 🤔

EV stocks tumbled in premarket trading,with Rivian falling over 10%,and Xpeng,Ford,Lucid falling over 2%<blockquote>电动汽车股盘前交易暴跌，Rivian跌超10%，小鹏、福特、Lucid跌超2%</blockquote>

2021-12-17

Wow

Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales<blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%</blockquote>

2021-12-17

Interesting article. Thanks.

Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>

2021-12-16

Nice

Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>

2021-12-16

Nice. Thanks for the info.

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2021-12-16

New EV manufacturers keep coming up in 2021. Way to go!

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2021-12-16

Wow. Thanks for the info.

抱歉，原内容已删除

2021-12-16

Nice

Nio Day 2022: 13 Things for Nio Stock Investors to Expect on Dec. 18<blockquote>2022 年蔚来日：12 月 18 日蔚来股票投资者值得期待的 13 件事</blockquote>

2021-12-16

Ok

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2021-12-15

Good news! Thanks

抱歉，原内容已删除

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Thanks for the article.","listText":"Nice. Thanks for the article.","text":"Nice. Thanks for the article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696060786","repostId":"2194380177","repostType":4,"isVote":1,"tweetType":1,"viewCount":4893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696007603,"gmtCreate":1640569152039,"gmtModify":1640569152164,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Nice&nbsp;‌<a href=\"\">[强]&nbsp;</a>‌","listText":"Nice&nbsp;‌<a href=\"\">[强]&nbsp;</a>‌","text":"Nice ‌[强] ‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696007603","repostId":"1154367089","repostType":4,"repost":{"id":"1154367089","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1640041733,"share":"https://www.laohunote.com/m/news/1154367089?lang=zh_CN&edition=full","pubTime":"2021-12-21 07:08","market":"us","language":"en","title":"Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154367089","media":"Tiger Newspress","summary":"Micron Technology shares headed higher after the memory-chip company posted strong results, while pr","content":"<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，其股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>在截至 12 月 2 日的第一财季，美光公司公布的收入为 76.9 亿美元，比去年同期增长 33%，略高于公司 76.5 亿美元的目标，但环比下降了 7%。非美国通用会计准则利润为 2.16 美元，高于公司每股 2.10 美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>在盘后交易中，该股上涨 6.2%，至 87.14 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）的收入比去年同期增长了38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM 的平均销售价格连续下降至低个位数，而 NAND 的平均销售价格则下降至中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光预计第二财季营收为 75 亿美元，误差为 2 亿美元，非 GAAP 每股利润为 1.95 美元，上下浮动 10 美分。华尔街的共识是营收为 72.7 亿美元，每股收益为 1.86 美元。该公司预计本季度毛利率为 46%，低于上一季度的 47%。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了 2.59 亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>“美光首席执行官桑杰-梅赫罗特拉（Sanjay Mehrotra）在一份声明中说：”在强劲的产品组合势头的带动下，美光第一财季业绩稳健。“我们现在正在向主要终端市场提供行业领先的 DRAM 和 NAND 技术，并为数据中心、客户端、移动、图形和汽车客户提供新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光在为定于周一晚些时候举行的投资者看涨期权准备的演示文稿中表示，预计 2022 年 8 月财年 “创纪录的收入和稳健的盈利能力”，下半年的出货量增长将更加强劲。该公司预计今年的资本支出在 110 亿至 120 亿美元之间，高于 2021 财年的 97 亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计 2021 年 DRAM 存储容量需求（或 bit 需求）将在 20% 的低范围内增长，2022 年将以中高水平增长。对于 NAND，该公司预计今年的增长率将在 30% 左右，明年将达到 30% 左右。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-21 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，其股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>在截至 12 月 2 日的第一财季，美光公司公布的收入为 76.9 亿美元，比去年同期增长 33%，略高于公司 76.5 亿美元的目标，但环比下降了 7%。非美国通用会计准则利润为 2.16 美元，高于公司每股 2.10 美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>在盘后交易中，该股上涨 6.2%，至 87.14 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）的收入比去年同期增长了38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM 的平均销售价格连续下降至低个位数，而 NAND 的平均销售价格则下降至中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光预计第二财季营收为 75 亿美元，误差为 2 亿美元，非 GAAP 每股利润为 1.95 美元，上下浮动 10 美分。华尔街的共识是营收为 72.7 亿美元，每股收益为 1.86 美元。该公司预计本季度毛利率为 46%，低于上一季度的 47%。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了 2.59 亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>“美光首席执行官桑杰-梅赫罗特拉（Sanjay Mehrotra）在一份声明中说：”在强劲的产品组合势头的带动下，美光第一财季业绩稳健。“我们现在正在向主要终端市场提供行业领先的 DRAM 和 NAND 技术，并为数据中心、客户端、移动、图形和汽车客户提供新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光在为定于周一晚些时候举行的投资者看涨期权准备的演示文稿中表示，预计 2022 年 8 月财年 “创纪录的收入和稳健的盈利能力”，下半年的出货量增长将更加强劲。该公司预计今年的资本支出在 110 亿至 120 亿美元之间，高于 2021 财年的 97 亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计 2021 年 DRAM 存储容量需求（或 bit 需求）将在 20% 的低范围内增长，2022 年将以中高水平增长。对于 NAND，该公司预计今年的增长率将在 30% 左右，明年将达到 30% 左右。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154367089","content_text":"Micron Technology shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.\nFor the fiscal first quarter, ended Dec. 2, Micron reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.\nIn extended trading, the stock was up 6.2% to $87.14.\n\nThe company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.\nFor the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.\nThe company also said it bought back $259 million of its shares in the latest quarter.\n“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”\nIn a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.\nMicron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":4994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693177728,"gmtCreate":1639993499612,"gmtModify":1639994609811,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Champs [Wow]&nbsp;","listText":"Champs [Wow]&nbsp;","text":"Champs [Wow]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693177728","repostId":"1150927570","repostType":4,"repost":{"id":"1150927570","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639992300,"share":"https://www.laohunote.com/m/news/1150927570?lang=zh_CN&edition=full","pubTime":"2021-12-20 17:25","market":"us","language":"en","title":"Society Pass surged nearly 70% in premarket trading<blockquote>Society Pass 盘前交易飙升近 70%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150927570","media":"Tiger Newspress","summary":"Society Pass surged nearly 70% in premarket trading.\n Society Pass Incorporated, a leading Southeast","content":"<p>Society Pass&nbsp;surged&nbsp;nearly&nbsp;70%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Society Pass 在盘前交易中飙升近 70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/72c0eec298020d16e124a5d7b04f0b58\" tg-width=\"716\" tg-height=\"615\" width=\"100%\" height=\"auto\"> Society Pass Incorporated, a leading Southeast Asian data-driven loyalty platform, today announced that the Company will be added to the Russell 2000® Index, effective at the open of the U.S. markets on December 20, 2021, according to the preliminary list of IPO additions to the Russell indexes.</p><p><blockquote>东南亚领先的数据驱动型忠诚度平台 Society Pass Incorporated 今天宣布，该公司将被纳入 Russell 2000®根据罗素指数 IPO 添加的初步名单，该指数于 2021 年 12 月 20 日美国市场开盘时生效。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Society Pass surged nearly 70% in premarket trading<blockquote>Society Pass 盘前交易飙升近 70%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSociety Pass surged nearly 70% in premarket trading<blockquote>Society Pass 盘前交易飙升近 70%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-20 17:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Society Pass&nbsp;surged&nbsp;nearly&nbsp;70%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Society Pass 在盘前交易中飙升近 70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/72c0eec298020d16e124a5d7b04f0b58\" tg-width=\"716\" tg-height=\"615\" width=\"100%\" height=\"auto\"> Society Pass Incorporated, a leading Southeast Asian data-driven loyalty platform, today announced that the Company will be added to the Russell 2000® Index, effective at the open of the U.S. markets on December 20, 2021, according to the preliminary list of IPO additions to the Russell indexes.</p><p><blockquote>东南亚领先的数据驱动型忠诚度平台 Society Pass Incorporated 今天宣布，该公司将被纳入 Russell 2000®根据罗素指数 IPO 添加的初步名单，该指数于 2021 年 12 月 20 日美国市场开盘时生效。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150927570","content_text":"Society Pass surged nearly 70% in premarket trading.\n Society Pass Incorporated, a leading Southeast Asian data-driven loyalty platform, today announced that the Company will be added to the Russell 2000® Index, effective at the open of the U.S. markets on December 20, 2021, according to the preliminary list of IPO additions to the Russell indexes.","news_type":1,"symbols_score_info":{"SOPA":0.9}},"isVote":1,"tweetType":1,"viewCount":3435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693174521,"gmtCreate":1639993350305,"gmtModify":1639993921282,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Wow…[Surprised]&nbsp;","listText":"Wow…[Surprised]&nbsp;","text":"Wow…[Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693174521","repostId":"1117827522","repostType":4,"repost":{"id":"1117827522","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639992697,"share":"https://www.laohunote.com/m/news/1117827522?lang=zh_CN&edition=full","pubTime":"2021-12-20 17:31","market":"us","language":"en","title":"Verso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117827522","media":"Tiger Newspress","summary":"Verso shares jumped 30.67% in premarket trading.Verso inks merger agreement under which BillerudKors","content":"<p>Verso&nbsp;shares&nbsp;jumped&nbsp;30.67%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/77f894b0ff58e5cdc819358dec775a50\" tg-width=\"714\" tg-height=\"600\" width=\"100%\" height=\"auto\">Verso&nbsp;inks&nbsp;merger agreement&nbsp;under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.</p><p><blockquote>Verso 股价在盘前交易中上涨 30.67%。Verso 签署合并协议，根据该协议，BillerudKorsnäs AB 将以每股 27 美元现金（约合 8.25 亿美元）收购 Verso 所有已发行股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Verso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVerso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-20 17:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Verso&nbsp;shares&nbsp;jumped&nbsp;30.67%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/77f894b0ff58e5cdc819358dec775a50\" tg-width=\"714\" tg-height=\"600\" width=\"100%\" height=\"auto\">Verso&nbsp;inks&nbsp;merger agreement&nbsp;under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.</p><p><blockquote>Verso 股价在盘前交易中上涨 30.67%。Verso 签署合并协议，根据该协议，BillerudKorsnäs AB 将以每股 27 美元现金（约合 8.25 亿美元）收购 Verso 所有已发行股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117827522","content_text":"Verso shares jumped 30.67% in premarket trading.Verso inks merger agreement under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.","news_type":1,"symbols_score_info":{"VRS":0.9}},"isVote":1,"tweetType":1,"viewCount":3638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693176556,"gmtCreate":1639993065033,"gmtModify":1639993137744,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Thanks for the heads up! 🙏🏻","listText":"Thanks for the heads up! 🙏🏻","text":"Thanks for the heads up! 🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693176556","repostId":"1152008216","repostType":4,"repost":{"id":"1152008216","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639991203,"share":"https://www.laohunote.com/m/news/1152008216?lang=zh_CN&edition=full","pubTime":"2021-12-20 17:06","market":"us","language":"en","title":"EV stocks fell in premarket trading, with Tesla falling more than 2%.<blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152008216","media":"Tiger Newspress","summary":"EV stocks fell in premarket trading, with Tesla falling more than 2%.\nLucid, Nio, Li Auto and XPeng ","content":"<p>EV stocks fell in premarket trading,&nbsp;with&nbsp;Tesla&nbsp;falling&nbsp;more&nbsp;than&nbsp;2%.</p><p><blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote></p><p> Lucid,&nbsp;Nio,&nbsp;Li Auto and XPeng slid between 3% and 6%.<img src=\"https://static.tigerbbs.com/3570f7360ccafe4ece6a06cb3611efdf\" tg-width=\"709\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Lucid、蔚来、理想汽车和小鹏汽车的跌幅在 3% 至 6% 之间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks fell in premarket trading, with Tesla falling more than 2%.<blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks fell in premarket trading, with Tesla falling more than 2%.<blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-20 17:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell in premarket trading,&nbsp;with&nbsp;Tesla&nbsp;falling&nbsp;more&nbsp;than&nbsp;2%.</p><p><blockquote>电动汽车股在盘前交易中下跌，特斯拉跌幅超过2%。</blockquote></p><p> Lucid,&nbsp;Nio,&nbsp;Li Auto and XPeng slid between 3% and 6%.<img src=\"https://static.tigerbbs.com/3570f7360ccafe4ece6a06cb3611efdf\" tg-width=\"709\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Lucid、蔚来、理想汽车和小鹏汽车的跌幅在 3% 至 6% 之间。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏集团","LCID":"Lucid Group Inc","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152008216","content_text":"EV stocks fell in premarket trading, with Tesla falling more than 2%.\nLucid, Nio, Li Auto and XPeng slid between 3% and 6%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9,"LI":0.9,"LCID":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693120196,"gmtCreate":1639988460176,"gmtModify":1639988460322,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Gravity defying fruit! Go Apple go!","listText":"Gravity defying fruit! Go Apple go!","text":"Gravity defying fruit! Go Apple go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693120196","repostId":"1183475424","repostType":2,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693162435,"gmtCreate":1639987957644,"gmtModify":1639987957781,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"[OMG]&nbsp;","listText":"[OMG]&nbsp;","text":"[OMG]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693162435","repostId":"2192900888","repostType":4,"isVote":1,"tweetType":1,"viewCount":3724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693168731,"gmtCreate":1639987595873,"gmtModify":1639987595976,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Wow… almost like a TV drama… Thanks forthe report.","listText":"Wow… almost like a TV drama… Thanks forthe report.","text":"Wow… almost like a TV drama… Thanks forthe report.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693168731","repostId":"2192901891","repostType":4,"isVote":1,"tweetType":1,"viewCount":3204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693160480,"gmtCreate":1639986823532,"gmtModify":1639986823671,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Noted.","listText":"Noted.","text":"Noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693160480","repostId":"2192887631","repostType":4,"isVote":1,"tweetType":1,"viewCount":3563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693111935,"gmtCreate":1639984247649,"gmtModify":1639984248513,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Awesome report! Thanks","listText":"Awesome report! Thanks","text":"Awesome report! Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693111935","repostId":"1109541249","repostType":2,"repost":{"id":"1109541249","kind":"news","pubTimestamp":1639972523,"share":"https://www.laohunote.com/m/news/1109541249?lang=zh_CN&edition=full","pubTime":"2021-12-20 11:55","market":"us","language":"en","title":"Sea Stock: Down 43% From Its High, is a Buy Now?<blockquote>Sea股票：较高点下跌43%，现在买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109541249","media":"Seeking Alpha","summary":"Summary\n\nSea Limited stock has been battered recently as growth stocks sold off massively in the mar","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited stock has been battered recently as growth stocks sold off massively in the market.</li>  <li>However, we believe that the fundamental thesis on its rapid growth remains robust.</li>  <li>We discuss why investors should capitalize on its recent significant correction to add exposure.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>由于市场成长型股票大幅抛售，Sea Limited 的股票最近遭受重创。</li><li>然而，我们认为其快速增长的基本论点仍然稳固。</li><li>我们讨论为什么投资者应该利用最近的重大调整来增加风险敞口。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Sea Limited(NYSE:SE)&nbsp;stock is one of our highest conviction growth stocks that has been severely battered over the last month. Since its recent all-time high (ATH) in October, its price has dropped by a dramatic 43%. Many reasons have been presented on why the stock has fallen. We exhort investors not to read too much into them. We believe nothing material has changed from its fundamental thesis. The stock has had a remarkable run in 2021 relative to its gaming peers or e-tailer peers. Therefore, profit-taking of this extent should not be surprising as fear struck growth stocks.</p><p><blockquote>Sea Limited（纽约证券交易所股票代码：SE）股票是我们最相信的成长型股票之一，在上个月遭受了严重打击。自 10 月份创下历史新高 (ATH) 以来，其价格已大幅下跌 43%。关于该股下跌的原因有很多。我们建议投资者不要过多地解读它们。我们认为它的基本论点没有任何实质性的改变。相对于游戏同行或电子零售商同行，该股在 2021 年表现出色。因此，当恐惧袭击成长型股票时，这种程度的获利了结并不奇怪。</blockquote></p><p> Moreover, the recent significant correction in growth stocks across the market has also hit SE stock hard. But, we are not concerned. Significant volatility will always be a factor influencing the performance of growth stocks like SE in the short term.</p><p><blockquote>此外，近期全市场成长股的大幅回调也对SE股造成了沉重打击。但是，我们并不担心。短期内，显著的波动性始终是影响SE等成长股表现的一个因素。</blockquote></p><p> Notably, we observed that the consensus target price on SE stock had been revised upwards since its FQ3 report card. Moreover, the gap between its price target and its current stock price has been greater than its last significant correction in April/May.</p><p><blockquote>值得注意的是，我们观察到，自第三季度报告以来，SE 股票的一致目标价已被上调。此外，其目标价与其当前股价之间的差距已经大于其上一次在4月/5月的大幅调整。</blockquote></p><p> Our internal DCF valuation model also points to a stock that is now significantly undervalued. Thanks to the market's myopia, we have been presented with another fantastic opportunity since April/May to add SE stock with great fervor again.</p><p><blockquote>我们的内部 DCF 估值模型还指出了一只目前被严重低估的股票。由于市场的短视，自4月/5月以来，我们又迎来了一个绝佳的机会，再次以极大的热情增持SE股票。</blockquote></p><p> We discuss why we think investors should not miss this incredible opportunity to add exposure to an outstanding growth stock.</p><p><blockquote>我们讨论为什么我们认为投资者不应该错过这个难以置信的机会来增加对优秀成长型股票的投资。</blockquote></p><p> <b>SE Stock YTD Performance</b></p><p><blockquote><b>SE 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c191d1f0f6a10e392845cdbda1264aa\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>SE stock YTD performance (as of 17 December'21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票年初至今表现（截至21年12月17日）。</span></p></blockquote></p><p> As a result of the significant correction recently, SE stock's YTD return has dropped to 6.9%, thus underperforming the market. Notably, its YTD gain was as high as 80% in October/early November. Despite that, the stock is still outperforming its e-tailer and gaming peers, as shown above.</p><p><blockquote>由于最近的大幅调整，SE股票的年初至今回报率已降至6.9%，因此跑输大盘。值得注意的是，其年初至今的涨幅在10月/11月初高达80%。尽管如此，如上图所示，该股的表现仍然优于电子零售商和游戏同行。</blockquote></p><p> <b>Sea Stock Estimates Have Consistently Been Revised Upwards</b></p><p><blockquote><b>Sea 股票预测一直被上调</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8555128e2a30e924dd6c2dd162a27eea\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Sea Limited revised revenue mean consensus estimates. Data source: S&amp;P Capital IQ, Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 修订后的收入平均共识估计。数据来源：标普资本智商、Seeking Alpha</span></p></blockquote></p><p> Readers can quickly observe that the company's revenue consensus estimates for FY21-23 have consistently been revised upwards over the last five months. These revisions lend credence to the robust growth prospects of the company over the next two years. Notably, Sea Limited's revenue is estimated to increase at a phenomenal CAGR of 42.8% through FY23.</p><p><blockquote>读者可以很快观察到，该公司对 21-23 财年的收入共识预期在过去五个月中一直被上调。这些修订为公司未来两年强劲的增长前景提供了可信度。值得注意的是，Sea Limited 的收入预计将通过2023财年以 42.8% 的惊人复合年增长率增长。</blockquote></p><p> There were concerns over the growth rates of its Garena gaming arm in its FQ3 report card.We also explained in our previous article&nbsp;that Sea Limited has clearly explained that investors should expect normalization in Garena's growth after two spectacular years. However, its monetization capability continues to dazzle. Therefore, we are confident that Garena can continue its robust monetization strategies moving forward.</p><p><blockquote>第三季度成绩单中对 Garena 游戏部门的增长率表示担忧。我们还在之前的文章中解释说，Sea Limited 已明确解释说，投资者应该期待 Garena 在经历了辉煌的两年后增长恢复正常。然而，其变现能力继续令人眼花缭乱。因此，我们相信 Garena 能够继续其稳健的货币化战略。</blockquote></p><p> Moreover, data from Sensor Tower's recent gaming statistics continue to point to sturdy performance from its Free Fire game. It continues to be ranked among the&nbsp;top ten mobile games in terms of overall gaming revenue&nbsp;in November. Moreover, it's also ranked#2 in overall downloadsacross both the App Store and Google Play. Notably, it's also among&nbsp;eight games globally whose annual revenue crossed $1B&nbsp;as of 14 December. Therefore, we think the sentiments and chatter about Free Fire's \"one-shot wonder\" have been overblown.</p><p><blockquote>此外，Sensor Tower最近的游戏统计数据继续表明其Free Fire游戏的强劲表现。就11月游戏整体收入而言，它继续位居移动游戏前十。此外，它在App Store和Google Play的总下载量中也排名第二。值得注意的是，截至12月14日，它也是全球八款年收入超过10亿美元的游戏之一。因此，我们认为关于Free Fire“一次性奇迹”的情绪和喋喋不休被夸大了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51247ba1efd7fa6d333b482446e94c9a\" tg-width=\"515\" tg-height=\"380\" referrerpolicy=\"no-referrer\"><span>Global games market forecast. Source: Google, Newzoo</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球游戏市场预测。资料来源：谷歌、Newzoo</span></p></blockquote></p><p></p><p> In addition, the global gaming market is estimated to experience a slight decline to $175.8B after last year's massive 23% growth to $177.8B. However, given Garena's impressive growth in FY21 despite the decline in the global market, we believe it validates its business model and prospects. Notably, the gaming market is expected to reverse its decline moving forward. Therefore, Garena's leadership in mobile gaming could continue to propel its growth underpinned by the recovery in the global gaming market.</p><p><blockquote>此外，全球博彩市场在去年大幅增长 23% 至 177.8B 美元后，预计将略有下降至 175.8B 美元。然而，鉴于尽管全球市场下滑，Garena 在 2021 财年仍实现了令人印象深刻的增长，我们相信这验证了其商业模式和前景。值得注意的是，博彩市场有望在未来扭转颓势。因此，在全球游戏市场复苏的推动下，Garena 在移动游戏领域的领导地位可能会继续推动其增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a0612da9a19f7b7198d43213b4f4470\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Shopee adjusted EBITDA per order. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee 调整了每个订单的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> But, some investors may have been spooked by Shopee's (Sea Limited's e-commerce arm) continued expansion into new geographical markets. Notably, Shopee continues to report adjusted EBITDA loss per order, as shown above. Therefore, some investors might have been concerned about whether the company's plate is getting too much to handle. Over the last three months, the company has entered into new markets such as India, France, Spain, and Poland. They are in addition to its battle with MercadoLibre (MELI) in Latin America, particularly Brazil. As a result, there are concerns on whether Sea Limited could continue its adroit execution in these markets while still making losses. We believe such concerns are valid. However, Sea Limited has shown its tremendous capability in penetrating the most important markets where the incumbents have strong leadership. It includes Lazada (BABA) in Southeast Asia, MercadoLibre in Brazil, and Tokopedia in Indonesia. Shopee was never the first-mover. But, it took advantage as the \"late-comer\" as it sought to compete with the incumbents. It's important to note that Sea Limited is not averse to competition. It has thrived against the incumbents and has made the e-commerce space in these geographical regions much more competitive.</p><p><blockquote>但是，一些投资者可能对 Shopee（Sea Limited 的电子商务部门）向新地理市场的持续扩张感到害怕。值得注意的是，Shopee 继续报告每个订单的调整后 EBITDA 损失，如上所示。因此，一些投资者可能担心该公司的盘子是否有太多难以处理。在过去的三个月里，该公司进入了印度、法国、西班牙和波兰等新市场。此外，它还在拉丁美洲，特别是巴西与自由市场（MELI）的斗争。因此，人们担心 Sea Limited 能否在这些市场继续其娴熟的执行，同时仍在亏损。我们认为这种担忧是合理的。然而，Sea Limited 在渗透现有企业拥有强大领导地位的最重要市场方面表现出了巨大的能力。它包括东南亚的Lazada（BABA）、巴西的MercadoLibre和印度尼西亚的Tokopedia。Shopee从来都不是先行者。但是，它利用了“后来者”的优势，试图与现任者竞争。值得注意的是，Sea Limited并不反对竞争。它与现有企业相比蓬勃发展，并使这些地理区域的电子商务领域更具竞争力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80938433e2d55307ca40000eeea2a26f\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Sea Limited revised adjusted EPS mean consensus estimates. Data source: S&amp;P Capital IQ, Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 修订调整后每股收益平均共识估计。数据来源：标普资本智商、Seeking Alpha</span></p></blockquote></p><p> Nevertheless, the road towards profitability might be stretched further due to its e-commerce expansion. Readers can quickly glance over the chart above, where its adjusted EPS estimates have been revised downwards through FY23 over the last five months. However, we believe that if you are a long-term investor with a five-year horizon at least, it's not a cause for concern. Earlier investors in Sea Limited can keenly recall the company's massive adjusted EBITDA per order losses, as seen in the previous chart. Shopee has scaled tremendously over the last five years and has improved its operating leverage further. But, it's important to note that it takes time to scale up. Therefore, earlier losses in new geographical markets are expected. But, management has demonstrated its execution capability over the last three years. Considering its much reduced adjusted EBITDA losses over the previous few years, we believe that Shopee is even better positioned than before to navigate its expansion.</p><p><blockquote>然而，由于其电子商务的扩张，盈利之路可能会进一步延长。读者可以快速浏览上图，其中2023财年在过去五个月中对其调整后的每股收益预期进行了下调。然而，我们认为，如果您是至少有五年期限的长期投资者，则无需担心。Sea Limited 的早期投资者可以清楚地回忆起该公司每笔订单的巨额调整后 EBITDA 损失，如上图表所示。Shopee 在过去五年中规模巨大，并进一步提高了运营杠杆。但是，重要的是要注意，扩大规模需要时间。因此，预计新地理市场的早期亏损。但是，管理层在过去三年中已经展示了其执行能力。考虑到过去几年调整后 EBITDA 亏损大幅减少，我们相信 Shopee 比以前更有能力进行扩张。</blockquote></p><p> <b>So, is SE Stock a Buy Now?</b></p><p><blockquote><b>那么，SE 股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dbc835e49ded8a7a0e5f4fcc9e10649\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>SE stock EV/NTM Revenue 4Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票EV/NTM收入4年平均值。</span></p></blockquote></p><p> SE stock is trading at an EV/NTM Revenue of 8.3x. Therefore, it has brought it back to its 4Y NTM revenue multiple mean of 8.6x. We believe there's a fantastic opportunity right now as the market has undoubtedly overreacted. As demonstrated clearly, SE is still expected to generate massive revenue growth moving ahead, even though it means the road to profitability gets further extended.</p><p><blockquote>SE 股票的 EV/NTM 收入为 8.3 倍。因此，它已将其恢复到 4 年 NTM 收入倍数平均值 8.6 倍。我们相信现在有一个绝佳的机会，因为市场无疑已经反应过度。正如清楚地表明的那样，SE 仍有望在未来实现巨大的收入增长，尽管这意味着盈利之路将进一步延长。</blockquote></p><p> Considering its FY23 revenue estimate, SE stock is trading at just 5.8x FY23 revenue. No one can accurately predict where the stock will be headed over the next few months. But, we think it represents a tremendous opportunity right now.</p><p><blockquote>考虑到其2023财年收入预期，SE 股票的交易价格仅为2023财年收入的 5.8 倍。没有人能够准确预测该股未来几个月的走势。但是，我们认为现在这是一个巨大的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3bea18a0bdfd970ea640308dc35e099c\" tg-width=\"635\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><span>SE stock price target Vs. actual price trend. Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE 股价目标与实际价格趋势。来源：Seeking Alpha</span></p></blockquote></p><p></p><p> Moreover, readers can observe that the valuation gap between SE stock's consensus price target (PT) of $405.87 and its current price has never been more significant in a while. It's even more pronounced than its last significant correction in April/May. Notably, the consensus price target has been revised upwards despite the so-called \"gaming headwinds.\" And, if you look at the price chart, SE stock price has followed the revised PT trend very consistently over time. Therefore, the current price could be one of the most significant discounts you could observe in a long time.</p><p><blockquote>此外，读者可以观察到，SE 股票的共识目标价 (PT) 405.87 美元与其当前价格之间的估值差距一段时间以来从未如此显着。这比4月/5月的上一次大幅调整更加明显。值得注意的是，尽管存在所谓的“博彩逆风”，但共识目标价格已被上调。而且，如果你看一下价格图表，随着时间的推移，SE 股价一直非常一致地遵循修订后的 PT 趋势。因此，当前价格可能是您在很长一段时间内观察到的最大折扣之一。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/939a544ab94c9e2a2b8a6db943703b39\" tg-width=\"910\" tg-height=\"602\" referrerpolicy=\"no-referrer\"><span>SE stock DCF valuation model. Data source: S&amp;P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票DCF估值模型。数据来源：S&amp;P Capital IQ、公司文件、作者</span></p></blockquote></p><p> Our DCF model also shows that SE stock is now significantly undervalued with an implied fair value of $371.46. We have also used reasonable estimates in our model. Moreover, we believe that SE will continue to gain significant operating leverage as it scales in the new markets. We estimate that its adjusted EBITDA margins could reach 15% by FY25.</p><p><blockquote>我们的 DCF 模型还显示，SE 股票目前被严重低估，隐含公允价值为 371.46 美元。我们在模型中也使用了合理的估计。此外，我们相信，随着SE在新市场的扩大规模，SE将继续获得显著的运营杠杆。我们预计，到 2025 财年，其调整后 EBITDA 利润率可能达到 15%。</blockquote></p><p> Lastly, the stock is also testing a critical support level that has strongly underpinned the stock's advance since early 2021. Therefore, there are sufficient reasons to believe that the current entry point to add exposure to SE stock seems very attractive now.</p><p><blockquote>最后，该股还在测试一个关键支撑位，该支撑位自 2021 年初以来一直有力地支撑着该股的上涨。因此，有足够的理由相信，目前增加SE股票敞口的切入点现在看来非常有吸引力。</blockquote></p><p> Consequently,<i>we revise our rating on SE stock to Strong Buy</i>.</p><p><blockquote>因此，<i>我们将 SE 股票评级修改为强力买入</i>.</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Stock: Down 43% From Its High, is a Buy Now?<blockquote>Sea股票：较高点下跌43%，现在买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Stock: Down 43% From Its High, is a Buy Now?<blockquote>Sea股票：较高点下跌43%，现在买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited stock has been battered recently as growth stocks sold off massively in the market.</li>  <li>However, we believe that the fundamental thesis on its rapid growth remains robust.</li>  <li>We discuss why investors should capitalize on its recent significant correction to add exposure.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>由于市场成长型股票大幅抛售，Sea Limited 的股票最近遭受重创。</li><li>然而，我们认为其快速增长的基本论点仍然稳固。</li><li>我们讨论为什么投资者应该利用最近的重大调整来增加风险敞口。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Sea Limited(NYSE:SE)&nbsp;stock is one of our highest conviction growth stocks that has been severely battered over the last month. Since its recent all-time high (ATH) in October, its price has dropped by a dramatic 43%. Many reasons have been presented on why the stock has fallen. We exhort investors not to read too much into them. We believe nothing material has changed from its fundamental thesis. The stock has had a remarkable run in 2021 relative to its gaming peers or e-tailer peers. Therefore, profit-taking of this extent should not be surprising as fear struck growth stocks.</p><p><blockquote>Sea Limited（纽约证券交易所股票代码：SE）股票是我们最相信的成长型股票之一，在上个月遭受了严重打击。自 10 月份创下历史新高 (ATH) 以来，其价格已大幅下跌 43%。关于该股下跌的原因有很多。我们建议投资者不要过多地解读它们。我们认为它的基本论点没有任何实质性的改变。相对于游戏同行或电子零售商同行，该股在 2021 年表现出色。因此，当恐惧袭击成长型股票时，这种程度的获利了结并不奇怪。</blockquote></p><p> Moreover, the recent significant correction in growth stocks across the market has also hit SE stock hard. But, we are not concerned. Significant volatility will always be a factor influencing the performance of growth stocks like SE in the short term.</p><p><blockquote>此外，近期全市场成长股的大幅回调也对SE股造成了沉重打击。但是，我们并不担心。短期内，显著的波动性始终是影响SE等成长股表现的一个因素。</blockquote></p><p> Notably, we observed that the consensus target price on SE stock had been revised upwards since its FQ3 report card. Moreover, the gap between its price target and its current stock price has been greater than its last significant correction in April/May.</p><p><blockquote>值得注意的是，我们观察到，自第三季度报告以来，SE 股票的一致目标价已被上调。此外，其目标价与其当前股价之间的差距已经大于其上一次在4月/5月的大幅调整。</blockquote></p><p> Our internal DCF valuation model also points to a stock that is now significantly undervalued. Thanks to the market's myopia, we have been presented with another fantastic opportunity since April/May to add SE stock with great fervor again.</p><p><blockquote>我们的内部 DCF 估值模型还指出了一只目前被严重低估的股票。由于市场的短视，自4月/5月以来，我们又迎来了一个绝佳的机会，再次以极大的热情增持SE股票。</blockquote></p><p> We discuss why we think investors should not miss this incredible opportunity to add exposure to an outstanding growth stock.</p><p><blockquote>我们讨论为什么我们认为投资者不应该错过这个难以置信的机会来增加对优秀成长型股票的投资。</blockquote></p><p> <b>SE Stock YTD Performance</b></p><p><blockquote><b>SE 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c191d1f0f6a10e392845cdbda1264aa\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>SE stock YTD performance (as of 17 December'21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票年初至今表现（截至21年12月17日）。</span></p></blockquote></p><p> As a result of the significant correction recently, SE stock's YTD return has dropped to 6.9%, thus underperforming the market. Notably, its YTD gain was as high as 80% in October/early November. Despite that, the stock is still outperforming its e-tailer and gaming peers, as shown above.</p><p><blockquote>由于最近的大幅调整，SE股票的年初至今回报率已降至6.9%，因此跑输大盘。值得注意的是，其年初至今的涨幅在10月/11月初高达80%。尽管如此，如上图所示，该股的表现仍然优于电子零售商和游戏同行。</blockquote></p><p> <b>Sea Stock Estimates Have Consistently Been Revised Upwards</b></p><p><blockquote><b>Sea 股票预测一直被上调</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8555128e2a30e924dd6c2dd162a27eea\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Sea Limited revised revenue mean consensus estimates. Data source: S&amp;P Capital IQ, Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 修订后的收入平均共识估计。数据来源：标普资本智商、Seeking Alpha</span></p></blockquote></p><p> Readers can quickly observe that the company's revenue consensus estimates for FY21-23 have consistently been revised upwards over the last five months. These revisions lend credence to the robust growth prospects of the company over the next two years. Notably, Sea Limited's revenue is estimated to increase at a phenomenal CAGR of 42.8% through FY23.</p><p><blockquote>读者可以很快观察到，该公司对 21-23 财年的收入共识预期在过去五个月中一直被上调。这些修订为公司未来两年强劲的增长前景提供了可信度。值得注意的是，Sea Limited 的收入预计将通过2023财年以 42.8% 的惊人复合年增长率增长。</blockquote></p><p> There were concerns over the growth rates of its Garena gaming arm in its FQ3 report card.We also explained in our previous article&nbsp;that Sea Limited has clearly explained that investors should expect normalization in Garena's growth after two spectacular years. However, its monetization capability continues to dazzle. Therefore, we are confident that Garena can continue its robust monetization strategies moving forward.</p><p><blockquote>第三季度成绩单中对 Garena 游戏部门的增长率表示担忧。我们还在之前的文章中解释说，Sea Limited 已明确解释说，投资者应该期待 Garena 在经历了辉煌的两年后增长恢复正常。然而，其变现能力继续令人眼花缭乱。因此，我们相信 Garena 能够继续其稳健的货币化战略。</blockquote></p><p> Moreover, data from Sensor Tower's recent gaming statistics continue to point to sturdy performance from its Free Fire game. It continues to be ranked among the&nbsp;top ten mobile games in terms of overall gaming revenue&nbsp;in November. Moreover, it's also ranked#2 in overall downloadsacross both the App Store and Google Play. Notably, it's also among&nbsp;eight games globally whose annual revenue crossed $1B&nbsp;as of 14 December. Therefore, we think the sentiments and chatter about Free Fire's \"one-shot wonder\" have been overblown.</p><p><blockquote>此外，Sensor Tower最近的游戏统计数据继续表明其Free Fire游戏的强劲表现。就11月游戏整体收入而言，它继续位居移动游戏前十。此外，它在App Store和Google Play的总下载量中也排名第二。值得注意的是，截至12月14日，它也是全球八款年收入超过10亿美元的游戏之一。因此，我们认为关于Free Fire“一次性奇迹”的情绪和喋喋不休被夸大了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51247ba1efd7fa6d333b482446e94c9a\" tg-width=\"515\" tg-height=\"380\" referrerpolicy=\"no-referrer\"><span>Global games market forecast. Source: Google, Newzoo</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球游戏市场预测。资料来源：谷歌、Newzoo</span></p></blockquote></p><p></p><p> In addition, the global gaming market is estimated to experience a slight decline to $175.8B after last year's massive 23% growth to $177.8B. However, given Garena's impressive growth in FY21 despite the decline in the global market, we believe it validates its business model and prospects. Notably, the gaming market is expected to reverse its decline moving forward. Therefore, Garena's leadership in mobile gaming could continue to propel its growth underpinned by the recovery in the global gaming market.</p><p><blockquote>此外，全球博彩市场在去年大幅增长 23% 至 177.8B 美元后，预计将略有下降至 175.8B 美元。然而，鉴于尽管全球市场下滑，Garena 在 2021 财年仍实现了令人印象深刻的增长，我们相信这验证了其商业模式和前景。值得注意的是，博彩市场有望在未来扭转颓势。因此，在全球游戏市场复苏的推动下，Garena 在移动游戏领域的领导地位可能会继续推动其增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a0612da9a19f7b7198d43213b4f4470\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Shopee adjusted EBITDA per order. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee 调整了每个订单的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> But, some investors may have been spooked by Shopee's (Sea Limited's e-commerce arm) continued expansion into new geographical markets. Notably, Shopee continues to report adjusted EBITDA loss per order, as shown above. Therefore, some investors might have been concerned about whether the company's plate is getting too much to handle. Over the last three months, the company has entered into new markets such as India, France, Spain, and Poland. They are in addition to its battle with MercadoLibre (MELI) in Latin America, particularly Brazil. As a result, there are concerns on whether Sea Limited could continue its adroit execution in these markets while still making losses. We believe such concerns are valid. However, Sea Limited has shown its tremendous capability in penetrating the most important markets where the incumbents have strong leadership. It includes Lazada (BABA) in Southeast Asia, MercadoLibre in Brazil, and Tokopedia in Indonesia. Shopee was never the first-mover. But, it took advantage as the \"late-comer\" as it sought to compete with the incumbents. It's important to note that Sea Limited is not averse to competition. It has thrived against the incumbents and has made the e-commerce space in these geographical regions much more competitive.</p><p><blockquote>但是，一些投资者可能对 Shopee（Sea Limited 的电子商务部门）向新地理市场的持续扩张感到害怕。值得注意的是，Shopee 继续报告每个订单的调整后 EBITDA 损失，如上所示。因此，一些投资者可能担心该公司的盘子是否有太多难以处理。在过去的三个月里，该公司进入了印度、法国、西班牙和波兰等新市场。此外，它还在拉丁美洲，特别是巴西与自由市场（MELI）的斗争。因此，人们担心 Sea Limited 能否在这些市场继续其娴熟的执行，同时仍在亏损。我们认为这种担忧是合理的。然而，Sea Limited 在渗透现有企业拥有强大领导地位的最重要市场方面表现出了巨大的能力。它包括东南亚的Lazada（BABA）、巴西的MercadoLibre和印度尼西亚的Tokopedia。Shopee从来都不是先行者。但是，它利用了“后来者”的优势，试图与现任者竞争。值得注意的是，Sea Limited并不反对竞争。它与现有企业相比蓬勃发展，并使这些地理区域的电子商务领域更具竞争力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80938433e2d55307ca40000eeea2a26f\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Sea Limited revised adjusted EPS mean consensus estimates. Data source: S&amp;P Capital IQ, Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 修订调整后每股收益平均共识估计。数据来源：标普资本智商、Seeking Alpha</span></p></blockquote></p><p> Nevertheless, the road towards profitability might be stretched further due to its e-commerce expansion. Readers can quickly glance over the chart above, where its adjusted EPS estimates have been revised downwards through FY23 over the last five months. However, we believe that if you are a long-term investor with a five-year horizon at least, it's not a cause for concern. Earlier investors in Sea Limited can keenly recall the company's massive adjusted EBITDA per order losses, as seen in the previous chart. Shopee has scaled tremendously over the last five years and has improved its operating leverage further. But, it's important to note that it takes time to scale up. Therefore, earlier losses in new geographical markets are expected. But, management has demonstrated its execution capability over the last three years. Considering its much reduced adjusted EBITDA losses over the previous few years, we believe that Shopee is even better positioned than before to navigate its expansion.</p><p><blockquote>然而，由于其电子商务的扩张，盈利之路可能会进一步延长。读者可以快速浏览上图，其中2023财年在过去五个月中对其调整后的每股收益预期进行了下调。然而，我们认为，如果您是至少有五年期限的长期投资者，则无需担心。Sea Limited 的早期投资者可以清楚地回忆起该公司每笔订单的巨额调整后 EBITDA 损失，如上图表所示。Shopee 在过去五年中规模巨大，并进一步提高了运营杠杆。但是，重要的是要注意，扩大规模需要时间。因此，预计新地理市场的早期亏损。但是，管理层在过去三年中已经展示了其执行能力。考虑到过去几年调整后 EBITDA 亏损大幅减少，我们相信 Shopee 比以前更有能力进行扩张。</blockquote></p><p> <b>So, is SE Stock a Buy Now?</b></p><p><blockquote><b>那么，SE 股票现在值得买入吗？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dbc835e49ded8a7a0e5f4fcc9e10649\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>SE stock EV/NTM Revenue 4Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票EV/NTM收入4年平均值。</span></p></blockquote></p><p> SE stock is trading at an EV/NTM Revenue of 8.3x. Therefore, it has brought it back to its 4Y NTM revenue multiple mean of 8.6x. We believe there's a fantastic opportunity right now as the market has undoubtedly overreacted. As demonstrated clearly, SE is still expected to generate massive revenue growth moving ahead, even though it means the road to profitability gets further extended.</p><p><blockquote>SE 股票的 EV/NTM 收入为 8.3 倍。因此，它已将其恢复到 4 年 NTM 收入倍数平均值 8.6 倍。我们相信现在有一个绝佳的机会，因为市场无疑已经反应过度。正如清楚地表明的那样，SE 仍有望在未来实现巨大的收入增长，尽管这意味着盈利之路将进一步延长。</blockquote></p><p> Considering its FY23 revenue estimate, SE stock is trading at just 5.8x FY23 revenue. No one can accurately predict where the stock will be headed over the next few months. But, we think it represents a tremendous opportunity right now.</p><p><blockquote>考虑到其2023财年收入预期，SE 股票的交易价格仅为2023财年收入的 5.8 倍。没有人能够准确预测该股未来几个月的走势。但是，我们认为现在这是一个巨大的机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3bea18a0bdfd970ea640308dc35e099c\" tg-width=\"635\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><span>SE stock price target Vs. actual price trend. Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE 股价目标与实际价格趋势。来源：Seeking Alpha</span></p></blockquote></p><p></p><p> Moreover, readers can observe that the valuation gap between SE stock's consensus price target (PT) of $405.87 and its current price has never been more significant in a while. It's even more pronounced than its last significant correction in April/May. Notably, the consensus price target has been revised upwards despite the so-called \"gaming headwinds.\" And, if you look at the price chart, SE stock price has followed the revised PT trend very consistently over time. Therefore, the current price could be one of the most significant discounts you could observe in a long time.</p><p><blockquote>此外，读者可以观察到，SE 股票的共识目标价 (PT) 405.87 美元与其当前价格之间的估值差距一段时间以来从未如此显着。这比4月/5月的上一次大幅调整更加明显。值得注意的是，尽管存在所谓的“博彩逆风”，但共识目标价格已被上调。而且，如果你看一下价格图表，随着时间的推移，SE 股价一直非常一致地遵循修订后的 PT 趋势。因此，当前价格可能是您在很长一段时间内观察到的最大折扣之一。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/939a544ab94c9e2a2b8a6db943703b39\" tg-width=\"910\" tg-height=\"602\" referrerpolicy=\"no-referrer\"><span>SE stock DCF valuation model. Data source: S&amp;P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票DCF估值模型。数据来源：S&amp;P Capital IQ、公司文件、作者</span></p></blockquote></p><p> Our DCF model also shows that SE stock is now significantly undervalued with an implied fair value of $371.46. We have also used reasonable estimates in our model. Moreover, we believe that SE will continue to gain significant operating leverage as it scales in the new markets. We estimate that its adjusted EBITDA margins could reach 15% by FY25.</p><p><blockquote>我们的 DCF 模型还显示，SE 股票目前被严重低估，隐含公允价值为 371.46 美元。我们在模型中也使用了合理的估计。此外，我们相信，随着SE在新市场的扩大规模，SE将继续获得显著的运营杠杆。我们预计，到 2025 财年，其调整后 EBITDA 利润率可能达到 15%。</blockquote></p><p> Lastly, the stock is also testing a critical support level that has strongly underpinned the stock's advance since early 2021. Therefore, there are sufficient reasons to believe that the current entry point to add exposure to SE stock seems very attractive now.</p><p><blockquote>最后，该股还在测试一个关键支撑位，该支撑位自 2021 年初以来一直有力地支撑着该股的上涨。因此，有足够的理由相信，目前增加SE股票敞口的切入点现在看来非常有吸引力。</blockquote></p><p> Consequently,<i>we revise our rating on SE stock to Strong Buy</i>.</p><p><blockquote>因此，<i>我们将 SE 股票评级修改为强力买入</i>.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475931-sea-se-down-significantly-stock-strong-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4475931-sea-se-down-significantly-stock-strong-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109541249","content_text":"Summary\n\nSea Limited stock has been battered recently as growth stocks sold off massively in the market.\nHowever, we believe that the fundamental thesis on its rapid growth remains robust.\nWe discuss why investors should capitalize on its recent significant correction to add exposure.\n\nkokkai/iStock Unreleased via Getty Images\nInvestment Thesis\nSea Limited(NYSE:SE) stock is one of our highest conviction growth stocks that has been severely battered over the last month. Since its recent all-time high (ATH) in October, its price has dropped by a dramatic 43%. Many reasons have been presented on why the stock has fallen. We exhort investors not to read too much into them. We believe nothing material has changed from its fundamental thesis. The stock has had a remarkable run in 2021 relative to its gaming peers or e-tailer peers. Therefore, profit-taking of this extent should not be surprising as fear struck growth stocks.\nMoreover, the recent significant correction in growth stocks across the market has also hit SE stock hard. But, we are not concerned. Significant volatility will always be a factor influencing the performance of growth stocks like SE in the short term.\nNotably, we observed that the consensus target price on SE stock had been revised upwards since its FQ3 report card. Moreover, the gap between its price target and its current stock price has been greater than its last significant correction in April/May.\nOur internal DCF valuation model also points to a stock that is now significantly undervalued. Thanks to the market's myopia, we have been presented with another fantastic opportunity since April/May to add SE stock with great fervor again.\nWe discuss why we think investors should not miss this incredible opportunity to add exposure to an outstanding growth stock.\nSE Stock YTD Performance\nSE stock YTD performance (as of 17 December'21).\nAs a result of the significant correction recently, SE stock's YTD return has dropped to 6.9%, thus underperforming the market. Notably, its YTD gain was as high as 80% in October/early November. Despite that, the stock is still outperforming its e-tailer and gaming peers, as shown above.\nSea Stock Estimates Have Consistently Been Revised Upwards\nSea Limited revised revenue mean consensus estimates. Data source: S&P Capital IQ, Seeking Alpha\nReaders can quickly observe that the company's revenue consensus estimates for FY21-23 have consistently been revised upwards over the last five months. These revisions lend credence to the robust growth prospects of the company over the next two years. Notably, Sea Limited's revenue is estimated to increase at a phenomenal CAGR of 42.8% through FY23.\nThere were concerns over the growth rates of its Garena gaming arm in its FQ3 report card.We also explained in our previous article that Sea Limited has clearly explained that investors should expect normalization in Garena's growth after two spectacular years. However, its monetization capability continues to dazzle. Therefore, we are confident that Garena can continue its robust monetization strategies moving forward.\nMoreover, data from Sensor Tower's recent gaming statistics continue to point to sturdy performance from its Free Fire game. It continues to be ranked among the top ten mobile games in terms of overall gaming revenue in November. Moreover, it's also ranked#2 in overall downloadsacross both the App Store and Google Play. Notably, it's also among eight games globally whose annual revenue crossed $1B as of 14 December. Therefore, we think the sentiments and chatter about Free Fire's \"one-shot wonder\" have been overblown.\nGlobal games market forecast. Source: Google, Newzoo\nIn addition, the global gaming market is estimated to experience a slight decline to $175.8B after last year's massive 23% growth to $177.8B. However, given Garena's impressive growth in FY21 despite the decline in the global market, we believe it validates its business model and prospects. Notably, the gaming market is expected to reverse its decline moving forward. Therefore, Garena's leadership in mobile gaming could continue to propel its growth underpinned by the recovery in the global gaming market.\nShopee adjusted EBITDA per order. Data source: Company filings\nBut, some investors may have been spooked by Shopee's (Sea Limited's e-commerce arm) continued expansion into new geographical markets. Notably, Shopee continues to report adjusted EBITDA loss per order, as shown above. Therefore, some investors might have been concerned about whether the company's plate is getting too much to handle. Over the last three months, the company has entered into new markets such as India, France, Spain, and Poland. They are in addition to its battle with MercadoLibre (MELI) in Latin America, particularly Brazil. As a result, there are concerns on whether Sea Limited could continue its adroit execution in these markets while still making losses. We believe such concerns are valid. However, Sea Limited has shown its tremendous capability in penetrating the most important markets where the incumbents have strong leadership. It includes Lazada (BABA) in Southeast Asia, MercadoLibre in Brazil, and Tokopedia in Indonesia. Shopee was never the first-mover. But, it took advantage as the \"late-comer\" as it sought to compete with the incumbents. It's important to note that Sea Limited is not averse to competition. It has thrived against the incumbents and has made the e-commerce space in these geographical regions much more competitive.\nSea Limited revised adjusted EPS mean consensus estimates. Data source: S&P Capital IQ, Seeking Alpha\nNevertheless, the road towards profitability might be stretched further due to its e-commerce expansion. Readers can quickly glance over the chart above, where its adjusted EPS estimates have been revised downwards through FY23 over the last five months. However, we believe that if you are a long-term investor with a five-year horizon at least, it's not a cause for concern. Earlier investors in Sea Limited can keenly recall the company's massive adjusted EBITDA per order losses, as seen in the previous chart. Shopee has scaled tremendously over the last five years and has improved its operating leverage further. But, it's important to note that it takes time to scale up. Therefore, earlier losses in new geographical markets are expected. But, management has demonstrated its execution capability over the last three years. Considering its much reduced adjusted EBITDA losses over the previous few years, we believe that Shopee is even better positioned than before to navigate its expansion.\nSo, is SE Stock a Buy Now?\nSE stock EV/NTM Revenue 4Y mean.\nSE stock is trading at an EV/NTM Revenue of 8.3x. Therefore, it has brought it back to its 4Y NTM revenue multiple mean of 8.6x. We believe there's a fantastic opportunity right now as the market has undoubtedly overreacted. As demonstrated clearly, SE is still expected to generate massive revenue growth moving ahead, even though it means the road to profitability gets further extended.\nConsidering its FY23 revenue estimate, SE stock is trading at just 5.8x FY23 revenue. No one can accurately predict where the stock will be headed over the next few months. But, we think it represents a tremendous opportunity right now.\nSE stock price target Vs. actual price trend. Source: Seeking Alpha\nMoreover, readers can observe that the valuation gap between SE stock's consensus price target (PT) of $405.87 and its current price has never been more significant in a while. It's even more pronounced than its last significant correction in April/May. Notably, the consensus price target has been revised upwards despite the so-called \"gaming headwinds.\" And, if you look at the price chart, SE stock price has followed the revised PT trend very consistently over time. Therefore, the current price could be one of the most significant discounts you could observe in a long time.\nSE stock DCF valuation model. Data source: S&P Capital IQ, company filings, author\nOur DCF model also shows that SE stock is now significantly undervalued with an implied fair value of $371.46. We have also used reasonable estimates in our model. Moreover, we believe that SE will continue to gain significant operating leverage as it scales in the new markets. We estimate that its adjusted EBITDA margins could reach 15% by FY25.\nLastly, the stock is also testing a critical support level that has strongly underpinned the stock's advance since early 2021. Therefore, there are sufficient reasons to believe that the current entry point to add exposure to SE stock seems very attractive now.\nConsequently,we revise our rating on SE stock to Strong Buy.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699993793,"gmtCreate":1639732409926,"gmtModify":1639732514089,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"EV stocks moving in tandem… 🤔","listText":"EV stocks moving in tandem… 🤔","text":"EV stocks moving in tandem… 🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699993793","repostId":"1169110437","repostType":4,"repost":{"id":"1169110437","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639732091,"share":"https://www.laohunote.com/m/news/1169110437?lang=zh_CN&edition=full","pubTime":"2021-12-17 17:08","market":"us","language":"en","title":"EV stocks tumbled in premarket trading,with Rivian falling over 10%,and Xpeng,Ford,Lucid falling over 2%<blockquote>电动汽车股盘前交易暴跌，Rivian跌超10%，小鹏、福特、Lucid跌超2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169110437","media":"Tiger Newspress","summary":"EV stocks tumbled in premarket trading,with Rivian falling over 10%, and Xpeng, Ford, Lucid falling ","content":"<p>EV stocks tumbled in premarket trading,with Rivian falling over 10%,&nbsp;and Xpeng,&nbsp;Ford,&nbsp;Lucid falling over 2%.<img src=\"https://static.tigerbbs.com/b9fb8484ce2ca7876b283ff7d401566a\" tg-width=\"286\" tg-height=\"280\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在盘前交易中暴跌，Rivian跌幅超过10%，小鹏汽车、福特汽车、Lucid跌幅超过2%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks tumbled in premarket trading,with Rivian falling over 10%,and Xpeng,Ford,Lucid falling over 2%<blockquote>电动汽车股盘前交易暴跌，Rivian跌超10%，小鹏、福特、Lucid跌超2%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks tumbled in premarket trading,with Rivian falling over 10%,and Xpeng,Ford,Lucid falling over 2%<blockquote>电动汽车股盘前交易暴跌，Rivian跌超10%，小鹏、福特、Lucid跌超2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 17:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks tumbled in premarket trading,with Rivian falling over 10%,&nbsp;and Xpeng,&nbsp;Ford,&nbsp;Lucid falling over 2%.<img src=\"https://static.tigerbbs.com/b9fb8484ce2ca7876b283ff7d401566a\" tg-width=\"286\" tg-height=\"280\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在盘前交易中暴跌，Rivian跌幅超过10%，小鹏汽车、福特汽车、Lucid跌幅超过2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","09868":"小鹏集团-W","LCID":"Lucid Group Inc","RIVN":"Rivian Automotive, Inc.","XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169110437","content_text":"EV stocks tumbled in premarket trading,with Rivian falling over 10%, and Xpeng, Ford, Lucid falling over 2%.","news_type":1,"symbols_score_info":{"LCID":0.9,"XPEV":0.9,"RIVN":0.9,"09868":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699904815,"gmtCreate":1639731918905,"gmtModify":1639732455734,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699904815","repostId":"1196098317","repostType":2,"repost":{"id":"1196098317","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639731698,"share":"https://www.laohunote.com/m/news/1196098317?lang=zh_CN&edition=full","pubTime":"2021-12-17 17:01","market":"us","language":"en","title":"Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales<blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196098317","media":"Tiger Newspress","summary":"Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales.I","content":"<p>Rivian tumbled nearly&nbsp;10% in premarket trading after it saw production constraints hindering sales.<img src=\"https://static.tigerbbs.com/90ea992bd38ad6695aa8a6f11b5a35a6\" tg-width=\"776\" tg-height=\"559\" width=\"100%\" height=\"auto\">It lost $1.2 billion, or $12.21 a share, in the third quarter, compared with a loss of $288 million, or $2.88 a share, in the year-ago quarter, on higher operating losses, the company said.</p><p><blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%。该公司表示，由于运营亏损增加，第三季度亏损 12 亿美元，即每股亏损 12.21 美元，而去年同期亏损 2.88 亿美元，即每股亏损 2.88 美元。</blockquote></p><p> Rivian said it lost an adjusted $766 million in the quarter. Its letter to shareholders did not specify a per-share amount. Sales hit $1 million as it delivered its first few vehicles in September.</p><p><blockquote>Rivian表示，该季度调整后亏损 7.66 亿美元。其致股东的信中没有具体说明每股金额。9 月份交付首批几辆汽车时，销售额达到 100 万美元。</blockquote></p><p> Analysts polled by FactSet expected the company to report a GAAP loss of $12.04 a share on sales of $900,000.</p><p><blockquote>FactSet 调查的分析师预计，该公司的 GAAP 销售额为 90 万美元，每股亏损为 12.04 美元。</blockquote></p><p> The company said it had more than 71,000 preorders for its electric pickup truck, the R1, as of Dec. 15, from about 48,000 preorders in late September.</p><p><blockquote>该公司表示，截至 12 月 15 日，其电动皮卡车 R1 的预订量已超过 71,000 份，而 9 月底的预订量约为 48,000 份。</blockquote></p><p> Rivian will be \"a couple 100 vehicles short\" of its goal of producing 1,200 vehicles this year. \"The good news is that we do not believe any of our supply-chain challenges are long term,\" Scaringe said. \"They are solvable problems.\"</p><p><blockquote>Rivian距离今年生产 1,200 辆汽车的目标“还差 100 辆”。“好消息是，我们认为我们的任何供应链挑战都不是长期的，”斯卡林奇说。“它们是可以解决的问题。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales<blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales<blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 17:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Rivian tumbled nearly&nbsp;10% in premarket trading after it saw production constraints hindering sales.<img src=\"https://static.tigerbbs.com/90ea992bd38ad6695aa8a6f11b5a35a6\" tg-width=\"776\" tg-height=\"559\" width=\"100%\" height=\"auto\">It lost $1.2 billion, or $12.21 a share, in the third quarter, compared with a loss of $288 million, or $2.88 a share, in the year-ago quarter, on higher operating losses, the company said.</p><p><blockquote>由于生产限制阻碍销售，Rivian在盘前交易中暴跌近 10%。该公司表示，由于运营亏损增加，第三季度亏损 12 亿美元，即每股亏损 12.21 美元，而去年同期亏损 2.88 亿美元，即每股亏损 2.88 美元。</blockquote></p><p> Rivian said it lost an adjusted $766 million in the quarter. Its letter to shareholders did not specify a per-share amount. Sales hit $1 million as it delivered its first few vehicles in September.</p><p><blockquote>Rivian表示，该季度调整后亏损 7.66 亿美元。其致股东的信中没有具体说明每股金额。9 月份交付首批几辆汽车时，销售额达到 100 万美元。</blockquote></p><p> Analysts polled by FactSet expected the company to report a GAAP loss of $12.04 a share on sales of $900,000.</p><p><blockquote>FactSet 调查的分析师预计，该公司的 GAAP 销售额为 90 万美元，每股亏损为 12.04 美元。</blockquote></p><p> The company said it had more than 71,000 preorders for its electric pickup truck, the R1, as of Dec. 15, from about 48,000 preorders in late September.</p><p><blockquote>该公司表示，截至 12 月 15 日，其电动皮卡车 R1 的预订量已超过 71,000 份，而 9 月底的预订量约为 48,000 份。</blockquote></p><p> Rivian will be \"a couple 100 vehicles short\" of its goal of producing 1,200 vehicles this year. \"The good news is that we do not believe any of our supply-chain challenges are long term,\" Scaringe said. \"They are solvable problems.\"</p><p><blockquote>Rivian距离今年生产 1,200 辆汽车的目标“还差 100 辆”。“好消息是，我们认为我们的任何供应链挑战都不是长期的，”斯卡林奇说。“它们是可以解决的问题。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196098317","content_text":"Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales.It lost $1.2 billion, or $12.21 a share, in the third quarter, compared with a loss of $288 million, or $2.88 a share, in the year-ago quarter, on higher operating losses, the company said.\nRivian said it lost an adjusted $766 million in the quarter. Its letter to shareholders did not specify a per-share amount. Sales hit $1 million as it delivered its first few vehicles in September.\nAnalysts polled by FactSet expected the company to report a GAAP loss of $12.04 a share on sales of $900,000.\nThe company said it had more than 71,000 preorders for its electric pickup truck, the R1, as of Dec. 15, from about 48,000 preorders in late September.\nRivian will be \"a couple 100 vehicles short\" of its goal of producing 1,200 vehicles this year. \"The good news is that we do not believe any of our supply-chain challenges are long term,\" Scaringe said. \"They are solvable problems.\"","news_type":1,"symbols_score_info":{"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699000347,"gmtCreate":1639715909784,"gmtModify":1639715909881,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Interesting article. Thanks.","listText":"Interesting article. Thanks.","text":"Interesting article. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699000347","repostId":"1115262079","repostType":4,"repost":{"id":"1115262079","kind":"news","pubTimestamp":1639712748,"share":"https://www.laohunote.com/m/news/1115262079?lang=zh_CN&edition=full","pubTime":"2021-12-17 11:45","market":"us","language":"en","title":"Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115262079","media":"Motley Fool","summary":"The growing use of electric vehicles will benefit several players.","content":"<p>In the last two years,<b>Tesla</b>&nbsp;stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.</p><p><blockquote>近两年来，<b>特斯拉</b>股价飙升超过 1,000%。两年前错过投资特斯拉的投资者可能会感到沮丧。然而值得注意的是，很难预见能够产生类似特斯拉回报的股票。最好的方法是投资那些你认为能长期表现良好的公司。如果你持有这些优质公司的股票足够长的时间，它们应该会产生跑赢市场的回报。</blockquote></p><p> Let's look at three&nbsp;electric vehicle (EV) stocks&nbsp;that have the potential to generate outsize returns in five years, or more.</p><p><blockquote>让我们来看看三只有可能在五年或更长时间内产生巨额回报的电动汽车 (EV) 股票。</blockquote></p><p> <b>Lucid Group</b></p><p><blockquote><b>Lucid集团</b></blockquote></p><p> There is a plethora of electric vehicle stocks to choose from right now. Of these,<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.</p><p><blockquote>现在有太多的电动汽车股票可供选择。其中，<b>Lucid集团</b>（纳斯达克股票代码：LCID）看起来很有希望。喜欢Lucid Group有几个原因。用户喜欢这些汽车的功能和设计，在很短的时间内，Lucid就成功地将自己打造成了一个豪华电动汽车品牌。</blockquote></p><p> The company not only boasts leading-edge EV technology, but also has&nbsp;solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most&nbsp;efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies.&nbsp;The stock will be&nbsp;included&nbsp;in the&nbsp;<b>Nasdaq-100</b>&nbsp;index on Dec. 20.</p><p><blockquote>该公司不仅拥有领先的电动汽车技术，还拥有坚实的增长计划。尽管 Lucid 最初是一家豪华汽车制造商，但它计划在未来几年推出面向大众市场的电动汽车车型。凭借最高效的电动汽车技术之一，Lucid 有可能通过将其技术授权给其他汽车公司来产生经常性收入。该股票将被纳入<b>纳斯达克-100</b>12月20日指数。</blockquote></p><p> On the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a&nbsp;recent Securities and Exchange Commission (SEC) investigation&nbsp;relating to its merger with Churchill Capital Corp. IV.</p><p><blockquote>在风险方面，Lucid 仍需证明它可以盈利地交付汽车。投资者还应关注美国证券交易委员会 (SEC) 最近对其与 Churchill Capital Corp. IV 合并进行的调查进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0630d0ca5a26df1b8900958ace25117\" tg-width=\"2000\" tg-height=\"1327\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: LUCID GROUP.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：LUCID集团。</span></p></blockquote></p><p> <b>BYD</b></p><p><blockquote><b>比亚迪</b></blockquote></p><p> Founded in 1995,<b>BYD</b>(OTC:BYDDY)(OTC:BYDD.F)&nbsp;entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)&nbsp;holds a nearly 8% stake in BYD.</p><p><blockquote>成立于1995年，<b>比亚迪</b>（场外交易代码：BYDD.F）于2003年进入汽车业务。除汽车外，比亚迪还生产手机零部件、可充电电池和太阳能产品。<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）持有比亚迪近8%的股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb8e45b9379833fe0a8f6a1d482857a5\" tg-width=\"2000\" tg-height=\"1161\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> BYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.</p><p><blockquote>比亚迪最初是一家内燃机汽车制造商。然而，察觉到更广泛的趋势，它已迅速转向制造电动汽车。11月份，比亚迪90%以上的汽车交付量为纯电动或插电式混合动力汽车。11月份比亚迪纯电动车型销量同比增长153%。</blockquote></p><p> The company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.</p><p><blockquote>该公司已占据中国电动汽车市场约 18% 的份额。比亚迪在快速增长、潜力巨大的中国电动汽车市场中处于领先地位，有利于长期增长。</blockquote></p><p> BYD stock trades at an&nbsp;attractive valuation&nbsp;compared to several top EV stocks right now. All of the above makes this&nbsp;Warren Buffett stock&nbsp;attractive.</p><p><blockquote>与目前几只顶级电动汽车股票相比，比亚迪股票的估值具有吸引力。以上所有因素都使这只沃伦·巴菲特股票具有吸引力。</blockquote></p><p> <b>QuantumScape</b></p><p><blockquote><b>量子景观</b></blockquote></p><p> Batteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.<b>QuantumScape</b>(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.</p><p><blockquote>电池是电动汽车的关键部件。所有领先的汽车和电池公司都专注于提高电池的效率，这将有助于提高电动汽车的续航里程。<b>量子景观</b>（纽约证券交易所股票代码：QS）于2020年11月上市，是一家致力于下一代电池技术的电池初创公司。</blockquote></p><p> Currently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.</p><p><blockquote>目前，锂离子电池用于电动汽车。QuantumScape 正在开发锂金属固态电池，使用专有的陶瓷隔膜。该公司相信，与目前使用的锂离子电池相比，其电池将提供更高的能量密度、更长的寿命和更快的充电速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c6ead4e5b8f1aaa74490058d439dbfa\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> QuantumScape has the backing of leading automaker&nbsp;<b>Volkswagen</b>(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.</p><p><blockquote>QuantumScape 得到领先汽车制造商的支持<b>大众汽车</b>（场外交易代码：VWAGY），迄今为止已向这家电池技术公司投资了 3 亿美元。两家公司成立了一家合资企业，年产能为21吉瓦时。9 月，QuantumScape 与另一家收入排名前十的汽车制造商签订了 10 兆瓦时电池的协议。该公司没有透露汽车制造商的名称。以上所有这些都为 QuantumScape 的计划增添了可信度。如果成功，QuantumScape 的电池可能会受到全球汽车制造商的巨大需求。</blockquote></p><p> QuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should&nbsp;bear the risks in mind&nbsp;before deciding to invest in QuantumScape stock.</p><p><blockquote>QuantumScape 相信其正在按照 2024 年开始商业生产的计划取得进展。那是很长一段时间，而且该公司的电池还没有开发出来。投资者在决定投资 QuantumScape 股票之前应牢记风险。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Missed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMissed Out on Tesla? Here's What to Buy Now<blockquote>错过了特斯拉？这是现在要买的东西</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-17 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the last two years,<b>Tesla</b>&nbsp;stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.</p><p><blockquote>近两年来，<b>特斯拉</b>股价飙升超过 1,000%。两年前错过投资特斯拉的投资者可能会感到沮丧。然而值得注意的是，很难预见能够产生类似特斯拉回报的股票。最好的方法是投资那些你认为能长期表现良好的公司。如果你持有这些优质公司的股票足够长的时间，它们应该会产生跑赢市场的回报。</blockquote></p><p> Let's look at three&nbsp;electric vehicle (EV) stocks&nbsp;that have the potential to generate outsize returns in five years, or more.</p><p><blockquote>让我们来看看三只有可能在五年或更长时间内产生巨额回报的电动汽车 (EV) 股票。</blockquote></p><p> <b>Lucid Group</b></p><p><blockquote><b>Lucid集团</b></blockquote></p><p> There is a plethora of electric vehicle stocks to choose from right now. Of these,<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.</p><p><blockquote>现在有太多的电动汽车股票可供选择。其中，<b>Lucid集团</b>（纳斯达克股票代码：LCID）看起来很有希望。喜欢Lucid Group有几个原因。用户喜欢这些汽车的功能和设计，在很短的时间内，Lucid就成功地将自己打造成了一个豪华电动汽车品牌。</blockquote></p><p> The company not only boasts leading-edge EV technology, but also has&nbsp;solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most&nbsp;efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies.&nbsp;The stock will be&nbsp;included&nbsp;in the&nbsp;<b>Nasdaq-100</b>&nbsp;index on Dec. 20.</p><p><blockquote>该公司不仅拥有领先的电动汽车技术，还拥有坚实的增长计划。尽管 Lucid 最初是一家豪华汽车制造商，但它计划在未来几年推出面向大众市场的电动汽车车型。凭借最高效的电动汽车技术之一，Lucid 有可能通过将其技术授权给其他汽车公司来产生经常性收入。该股票将被纳入<b>纳斯达克-100</b>12月20日指数。</blockquote></p><p> On the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a&nbsp;recent Securities and Exchange Commission (SEC) investigation&nbsp;relating to its merger with Churchill Capital Corp. IV.</p><p><blockquote>在风险方面，Lucid 仍需证明它可以盈利地交付汽车。投资者还应关注美国证券交易委员会 (SEC) 最近对其与 Churchill Capital Corp. IV 合并进行的调查进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0630d0ca5a26df1b8900958ace25117\" tg-width=\"2000\" tg-height=\"1327\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: LUCID GROUP.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：LUCID集团。</span></p></blockquote></p><p> <b>BYD</b></p><p><blockquote><b>比亚迪</b></blockquote></p><p> Founded in 1995,<b>BYD</b>(OTC:BYDDY)(OTC:BYDD.F)&nbsp;entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)&nbsp;holds a nearly 8% stake in BYD.</p><p><blockquote>成立于1995年，<b>比亚迪</b>（场外交易代码：BYDD.F）于2003年进入汽车业务。除汽车外，比亚迪还生产手机零部件、可充电电池和太阳能产品。<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）持有比亚迪近8%的股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb8e45b9379833fe0a8f6a1d482857a5\" tg-width=\"2000\" tg-height=\"1161\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> BYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.</p><p><blockquote>比亚迪最初是一家内燃机汽车制造商。然而，察觉到更广泛的趋势，它已迅速转向制造电动汽车。11月份，比亚迪90%以上的汽车交付量为纯电动或插电式混合动力汽车。11月份比亚迪纯电动车型销量同比增长153%。</blockquote></p><p> The company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.</p><p><blockquote>该公司已占据中国电动汽车市场约 18% 的份额。比亚迪在快速增长、潜力巨大的中国电动汽车市场中处于领先地位，有利于长期增长。</blockquote></p><p> BYD stock trades at an&nbsp;attractive valuation&nbsp;compared to several top EV stocks right now. All of the above makes this&nbsp;Warren Buffett stock&nbsp;attractive.</p><p><blockquote>与目前几只顶级电动汽车股票相比，比亚迪股票的估值具有吸引力。以上所有因素都使这只沃伦·巴菲特股票具有吸引力。</blockquote></p><p> <b>QuantumScape</b></p><p><blockquote><b>量子景观</b></blockquote></p><p> Batteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.<b>QuantumScape</b>(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.</p><p><blockquote>电池是电动汽车的关键部件。所有领先的汽车和电池公司都专注于提高电池的效率，这将有助于提高电动汽车的续航里程。<b>量子景观</b>（纽约证券交易所股票代码：QS）于2020年11月上市，是一家致力于下一代电池技术的电池初创公司。</blockquote></p><p> Currently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.</p><p><blockquote>目前，锂离子电池用于电动汽车。QuantumScape 正在开发锂金属固态电池，使用专有的陶瓷隔膜。该公司相信，与目前使用的锂离子电池相比，其电池将提供更高的能量密度、更长的寿命和更快的充电速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c6ead4e5b8f1aaa74490058d439dbfa\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> QuantumScape has the backing of leading automaker&nbsp;<b>Volkswagen</b>(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.</p><p><blockquote>QuantumScape 得到领先汽车制造商的支持<b>大众汽车</b>（场外交易代码：VWAGY），迄今为止已向这家电池技术公司投资了 3 亿美元。两家公司成立了一家合资企业，年产能为21吉瓦时。9 月，QuantumScape 与另一家收入排名前十的汽车制造商签订了 10 兆瓦时电池的协议。该公司没有透露汽车制造商的名称。以上所有这些都为 QuantumScape 的计划增添了可信度。如果成功，QuantumScape 的电池可能会受到全球汽车制造商的巨大需求。</blockquote></p><p> QuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should&nbsp;bear the risks in mind&nbsp;before deciding to invest in QuantumScape stock.</p><p><blockquote>QuantumScape 相信其正在按照 2024 年开始商业生产的计划取得进展。那是很长一段时间，而且该公司的电池还没有开发出来。投资者在决定投资 QuantumScape 股票之前应牢记风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/16/missed-out-on-tesla-heres-what-to-buy-now/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01211":"比亚迪股份","QS":"Quantumscape Corp.","BYDDY":"比亚迪ADR","LCID":"Lucid Group Inc"},"source_url":"https://www.fool.com/investing/2021/12/16/missed-out-on-tesla-heres-what-to-buy-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115262079","content_text":"In the last two years,Tesla stock has surged more than 1,000%. Investors who missed investing in Tesla two years back could be disheartened. Yet it is worth noting that it is difficult to foresee stocks that can generate Tesla-like returns. The best approach is to invest in companies that you believe can perform well in the long haul. Stocks of such quality companies should generate market-beating returns if you hold them long enough.\nLet's look at three electric vehicle (EV) stocks that have the potential to generate outsize returns in five years, or more.\nLucid Group\nThere is a plethora of electric vehicle stocks to choose from right now. Of these,Lucid Group(NASDAQ:LCID) looks promising. There are several reasons to like Lucid Group. Users like the cars' features and designs, and within a short time, Lucid has succeeded in establishing itself as a luxury electric car brand.\nThe company not only boasts leading-edge EV technology, but also has solid growth plans. Though Lucid started as a luxury car maker, it has plans to launch EV models for the mass market in the coming years. With one of the most efficient EV technologies, Lucid can potentially generate recurring revenue by licensing its technology to other car companies. The stock will be included in the Nasdaq-100 index on Dec. 20.\nOn the risk side, Lucid is still to prove that it can deliver cars profitably. Investors should also keep an eye on the progress of a recent Securities and Exchange Commission (SEC) investigation relating to its merger with Churchill Capital Corp. IV.\nIMAGE SOURCE: LUCID GROUP.\nBYD\nFounded in 1995,BYD(OTC:BYDDY)(OTC:BYDD.F) entered the automobile business in 2003. Apart from automobiles, BYD manufactures mobile handset components, rechargeable batteries, and solar products.Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B) holds a nearly 8% stake in BYD.\nIMAGE SOURCE: GETTY IMAGES.\nBYD started as an internal combustion engine vehicle manufacturer. Yet, sensing the broader trend, it has quickly shifted to making electric vehicles. In November, more than 90% of BYD's vehicle deliveries were fully electric or plug-in hybrids. Sales of BYD's fully electric models rose 153% year over year in November.\nThe company has captured roughly 18% of China's EV market. A leading position in the fast-growing, huge potential Chinese EV market places BYD well for long-term growth.\nBYD stock trades at an attractive valuation compared to several top EV stocks right now. All of the above makes this Warren Buffett stock attractive.\nQuantumScape\nBatteries are a key component of electric vehicles. All leading auto and battery companies are focused on making batteries more efficient, which will help enhance an EV's range.QuantumScape(NYSE:QS), which went public in November 2020, is a battery start-up working on the next-generation battery technology.\nCurrently, lithium-ion batteries are used in electric vehicles. QuantumScape is developing lithium-metal solid-state batteries, using a proprietary ceramic separator. The company believes that its batteries will offer greater energy density, longer life, and faster charging than lithium-ion batteries currently in use.\nIMAGE SOURCE: GETTY IMAGES.\nQuantumScape has the backing of leading automaker Volkswagen(OTC:VWAGY), which has invested $300 million into the battery technology company so far. The two companies have formed a joint venture for a production capacity of 21 gigawatt-hours per year. In September, QuantumScape entered an agreement for 10 megawatt-hours of batteries with another top ten automaker by revenue. The company didn't disclose the name of the automaker. All the above lend credibility to QuantumScape's plans. If successful, QuantumScape's batteries could see immense demand from automakers worldwide.\nQuantumScape believes it is progressing as per its plan to start commercial production in 2024. That's a long time and the company's batteries are not yet developed. Investors should bear the risks in mind before deciding to invest in QuantumScape stock.","news_type":1,"symbols_score_info":{"BYDDY":0.9,"01211":0.9,"QS":0.9,"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690927698,"gmtCreate":1639624128458,"gmtModify":1639624145106,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690927698","repostId":"1156000862","repostType":2,"repost":{"id":"1156000862","kind":"news","pubTimestamp":1639622579,"share":"https://www.laohunote.com/m/news/1156000862?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:42","market":"us","language":"en","title":"Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156000862","media":"Motley Fool","summary":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Rese","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Stock Rallied<blockquote>苹果股价为何上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-16 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>Apple</b>(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.</p><p><blockquote>股份<b>苹果</b>美联储发表声明后，（纳斯达克股票代码：AAPL）周三上涨近 3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The Federal Reserve plans to taper its asset purchases at a faster rate to combat rising&nbsp;inflation. The announcement came after wholesale prices surged a record 9.6% in November.</p><p><blockquote>美联储计划以更快的速度缩减资产购买规模，以应对不断上升的通胀。这一消息是在 11 月份批发价格飙升创纪录的 9.6% 之后发布的。</blockquote></p><p> This tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.</p><p><blockquote>此次缩减规模使美联储有望在明年开始加息。联邦公开市场委员会成员预测 2022 年将加息三次。</blockquote></p><p> While a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.</p><p><blockquote>虽然刺激措施的减少和加息前景通常不是股市的看涨指标，但这些公告在很大程度上符合市场预期。投资者似乎松了一口气，因为美联储没有计划采取更激进的行动来对抗通胀，主要股指飙升。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> The news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.</p><p><blockquote>这一消息让投资者将注意力从宏观经济因素上转移开来，重新关注苹果的核心业务基本面和增长前景——这是这家科技巨头大放异彩的两个领域。</blockquote></p><p> A 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.</p><p><blockquote>5G升级周期正在推动iPhone的销售，而苹果高性能M1芯片的好评正在推动Mac和iPad的销售。这些趋势加在一起，可能会进一步推动这家科技巨头本已巨额利润。</blockquote></p><p> Additionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.</p><p><blockquote>此外，分析师对苹果的虚拟和增强现实计划以及其秘密的自动驾驶汽车项目很感兴趣。他们的兴奋是显而易见的，几位分析师最近提高了对苹果股票的价格预测，部分原因是这些新产品的潜力。</blockquote></p><p> With today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.</p><p><blockquote>随着今天的美联储声明和随后的市场反弹似乎表明再次购买高增长股票是可以的，许多投资者决定购买苹果股票，其股价也随之上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/12/15/why-apple-stock-rallied-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156000862","content_text":"What happened\nShares of Apple(NASDAQ:AAPL)climbed nearly 3% on Wednesday, following the Federal Reserve's statement.\nSo what\nThe Federal Reserve plans to taper its asset purchases at a faster rate to combat rising inflation. The announcement came after wholesale prices surged a record 9.6% in November.\nThis tapering positions the Federal Reserve to begin raising interest rates next year. Members of the Federal Open Market Committee forecast three rate hikes in 2022.\nWhile a reduction in stimulus measures and the prospect of rate hikes are not normally bullish indicators for stocks, the announcements were largely in line with the market's expectations. Investors appeared to breathe a sigh of relief that the Federal Reserve wasn't planning more aggressive action to battle inflation, and the major stock indexes surged.\nNow what\nThe news allowed investors to shift their attention away from macroeconomic factors and refocus on Apple's core business fundamentals and growth prospects -- two areas where the tech titan shines.\nA 5G upgrade cycle is fueling iPhone sales, while rave reviews of Apple's high-performance M1 chip are boosting sales of Macs and iPads. Together, these trends are likely to drive the tech giant's already huge profits even higher.\nAdditionally, analysts are intrigued by Apple's virtual and augmented reality initiatives, as well as its secretive self-driving car project. Their excitement is palpable, and several analysts have recently raised their price forecasts for Apple's stock due in part to the potential of these new products.\nWith today's Fed statement and subsequent market rally seemingly signaling that it's ok to buy great growth stocks once again, many investors decided to purchase shares of Apple, and its stock price rose in kind.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690963228,"gmtCreate":1639622511054,"gmtModify":1639622511147,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Nice. Thanks for the info.","listText":"Nice. Thanks for the info.","text":"Nice. Thanks for the info.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690963228","repostId":"1194895061","repostType":4,"isVote":1,"tweetType":1,"viewCount":1432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690960581,"gmtCreate":1639622374684,"gmtModify":1639622374780,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"New EV manufacturers keep coming up in 2021. Way to go!","listText":"New EV manufacturers keep coming up in 2021. Way to go!","text":"New EV manufacturers keep coming up in 2021. Way to go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690960581","repostId":"2191924169","repostType":4,"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690986492,"gmtCreate":1639621799906,"gmtModify":1639621800081,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Wow. Thanks for the info.","listText":"Wow. Thanks for the info.","text":"Wow. Thanks for the info.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690986492","repostId":"1118764756","repostType":4,"isVote":1,"tweetType":1,"viewCount":965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690988501,"gmtCreate":1639621688595,"gmtModify":1639621710684,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690988501","repostId":"1117904160","repostType":4,"repost":{"id":"1117904160","kind":"news","pubTimestamp":1639620135,"share":"https://www.laohunote.com/m/news/1117904160?lang=zh_CN&edition=full","pubTime":"2021-12-16 10:02","market":"us","language":"en","title":"Nio Day 2022: 13 Things for Nio Stock Investors to Expect on Dec. 18<blockquote>2022 年蔚来日：12 月 18 日蔚来股票投资者值得期待的 13 件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117904160","media":"InvestorPlace","summary":"Nio(NYSE:NIO) Day is quickly approaching and there’s a lot for investors to be excited about.\nLet’s ","content":"<p><div> Nio(NYSE:NIO) Day is quickly approaching and there’s a lot for investors to be excited about. Let’s dive into all the latest news that traders of NIO stock need to know about today.  First off, it ...</p><p><blockquote><div>蔚来（NYSE:NIO）日即将到来，投资者有很多值得兴奋的事情。让我们深入了解蔚来股票交易者今天需要了解的所有最新消息。首先，它……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Day 2022: 13 Things for Nio Stock Investors to Expect on Dec. 18<blockquote>2022 年蔚来日：12 月 18 日蔚来股票投资者值得期待的 13 件事</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Day 2022: 13 Things for Nio Stock Investors to Expect on Dec. 18<blockquote>2022 年蔚来日：12 月 18 日蔚来股票投资者值得期待的 13 件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-16 10:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Nio(NYSE:NIO) Day is quickly approaching and there’s a lot for investors to be excited about. Let’s dive into all the latest news that traders of NIO stock need to know about today.  First off, it ...</p><p><blockquote><div>蔚来（NYSE:NIO）日即将到来，投资者有很多值得兴奋的事情。让我们深入了解蔚来股票交易者今天需要了解的所有最新消息。首先，它……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/12/nio-day-2022-13-things-for-nio-stock-investors-to-expect-on-dec-18/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117904160","content_text":"Nio(NYSE:NIO) Day is quickly approaching and there’s a lot for investors to be excited about.\nLet’s dive into all the latest news that traders of NIO stock need to know about today.\n\nFirst off, it looks like Nio Day will see the company revealing several new electric vehicles (EVs).\nThat includes a possible two new vehicle models, as well as a new vehicle brand.\nCurrent rumors claim one of the new vehicles in the ET5.\nThis is a mid-size sedan that will likely compete with other EVs on the market at a lower price than the ET7.\nTalk about the ET5 continues to heat up today after the EV company shared an image on its website.\nThis shows the outline of a still-unnamed vehicle from the company and many believe it to be the ET5.\nThere’s also talk of a potential ET(, which would be a sports coupe.\n\n\nOther rumors claim we might see the company reveal a multipurpose EV as well during the event.\nOf course, investors will have to wait until Nio Day before they can truly know what the next EVs from the company are.\nLuckily, that’s not too far away.\nNio will hold its special event on December 18, which is this Saturday.\nThe reveal event will take place at the Olympic Sports Center in Suzhou, China.\nNow we just have to wait for Nio Day to get here and confirm or bust all these rumors!","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690981550,"gmtCreate":1639621606789,"gmtModify":1639621606963,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690981550","repostId":"1192225285","repostType":4,"isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607568693,"gmtCreate":1639564766887,"gmtModify":1639564767203,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Good news! Thanks","listText":"Good news! Thanks","text":"Good news! Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607568693","repostId":"1107007095","repostType":4,"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":603344581,"gmtCreate":1638370062637,"gmtModify":1638370062778,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"It’s getting exciting!","listText":"It’s getting exciting!","text":"It’s getting exciting!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/603344581","repostId":"1111103661","repostType":4,"repost":{"id":"1111103661","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638369731,"share":"https://www.laohunote.com/m/news/1111103661?lang=zh_CN&edition=full","pubTime":"2021-12-01 22:42","market":"us","language":"en","title":"EV stocks jumped in morning trading<blockquote>电动汽车股早盘交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111103661","media":"Tiger Newspress","summary":"EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto climbed","content":"<p>EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 3%.</p><p><blockquote>电动汽车股在早盘交易中上涨.Rivian、Arrival、Fisker、特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9bd8dc0c937d67ea75537ad5c24d7f41\" tg-width=\"403\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks jumped in morning trading<blockquote>电动汽车股早盘交易中上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks jumped in morning trading<blockquote>电动汽车股早盘交易中上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-01 22:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 3%.</p><p><blockquote>电动汽车股在早盘交易中上涨.Rivian、Arrival、Fisker、特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9bd8dc0c937d67ea75537ad5c24d7f41\" tg-width=\"403\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","RIVN":"Rivian Automotive, Inc.","TSLA":"特斯拉","FSR":"菲斯克","NIO":"蔚来","LCID":"Lucid Group Inc","XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111103661","content_text":"EV stocks jumped in morning trading.Rivian,Arrival,Fisker,Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 3%.","news_type":1,"symbols_score_info":{"LCID":0.9,"FSR":0.9,"LI":0.9,"RIVN":0.9,"NKLA":0.9,"NIO":0.9,"ARVL":0.9,"TSLA":0.9,"XPEV":0.9,"TSP":0.9}},"isVote":1,"tweetType":1,"viewCount":736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696060786,"gmtCreate":1640576179403,"gmtModify":1640576338566,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Nice. Thanks for the article.","listText":"Nice. Thanks for the article.","text":"Nice. Thanks for the article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696060786","repostId":"2194380177","repostType":4,"isVote":1,"tweetType":1,"viewCount":4893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604669774,"gmtCreate":1639387938309,"gmtModify":1639388601187,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Way to go! Go Apple go! 🍎","listText":"Way to go! Go Apple go! 🍎","text":"Way to go! Go Apple go! 🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604669774","repostId":"1191584533","repostType":4,"repost":{"id":"1191584533","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639387294,"share":"https://www.laohunote.com/m/news/1191584533?lang=zh_CN&edition=full","pubTime":"2021-12-13 17:21","market":"us","language":"en","title":"Apple rose 1% in premarket trading,with its market value reaching nearly 3 trillion dollars<blockquote>苹果在盘前交易中上涨1%，其市值达到近3万亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191584533","media":"Tiger Newspress","summary":"Apple rose 1% in premarket trading, with its market value reaching nearly 3 trillion dollars.Apple I","content":"<p>Apple rose 1% in premarket trading,&nbsp;with its market value reaching nearly 3 trillion dollars.<img src=\"https://static.tigerbbs.com/e9791d034ae0c6c9d0e8735f3c22dbcb\" tg-width=\"773\" tg-height=\"573\" referrerpolicy=\"no-referrer\"><b>Apple Inc</b>(NASDAQ:AAPL) is gearing up to launch the latest version of its iPhone and iPad operating system, which will contain nudity detection in the Messages app for devices used by children, as per journalist&nbsp;<b>Mark Gurman.</b></p><p><blockquote>苹果在盘前交易中上涨1%，市值达到近3万亿美元。<b>苹果公司</b>据记者报道，（纳斯达克股票代码：AAPL）正准备推出最新版本的 iPhone 和 iPad 操作系统，该系统将在儿童使用的设备的消息应用程序中包含裸体检测功能<b>马克·古尔曼。</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple rose 1% in premarket trading,with its market value reaching nearly 3 trillion dollars<blockquote>苹果在盘前交易中上涨1%，其市值达到近3万亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple rose 1% in premarket trading,with its market value reaching nearly 3 trillion dollars<blockquote>苹果在盘前交易中上涨1%，其市值达到近3万亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-13 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple rose 1% in premarket trading,&nbsp;with its market value reaching nearly 3 trillion dollars.<img src=\"https://static.tigerbbs.com/e9791d034ae0c6c9d0e8735f3c22dbcb\" tg-width=\"773\" tg-height=\"573\" referrerpolicy=\"no-referrer\"><b>Apple Inc</b>(NASDAQ:AAPL) is gearing up to launch the latest version of its iPhone and iPad operating system, which will contain nudity detection in the Messages app for devices used by children, as per journalist&nbsp;<b>Mark Gurman.</b></p><p><blockquote>苹果在盘前交易中上涨1%，市值达到近3万亿美元。<b>苹果公司</b>据记者报道，（纳斯达克股票代码：AAPL）正准备推出最新版本的 iPhone 和 iPad 操作系统，该系统将在儿童使用的设备的消息应用程序中包含裸体检测功能<b>马克·古尔曼。</b></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191584533","content_text":"Apple rose 1% in premarket trading, with its market value reaching nearly 3 trillion dollars.Apple Inc(NASDAQ:AAPL) is gearing up to launch the latest version of its iPhone and iPad operating system, which will contain nudity detection in the Messages app for devices used by children, as per journalist Mark Gurman.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605386050,"gmtCreate":1639114277974,"gmtModify":1639114311680,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605386050","repostId":"2190964556","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601629800,"gmtCreate":1638523965151,"gmtModify":1638524353355,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Tesla,&nbsp;or should I say Elon Musk,&nbsp;is always in the news. Gotta to admire the guy. Go Elon go!","listText":"Tesla,&nbsp;or should I say Elon Musk,&nbsp;is always in the news. Gotta to admire the guy. Go Elon go!","text":"Tesla, or should I say Elon Musk, is always in the news. Gotta to admire the guy. Go Elon go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/601629800","repostId":"1129686412","repostType":4,"repost":{"id":"1129686412","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638522704,"share":"https://www.laohunote.com/m/news/1129686412?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:11","market":"us","language":"en","title":"Tesla shares climbed more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过 1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129686412","media":"Tiger Newspress","summary":"Tesla shares climbed more than 1% in premarket trading although Musk exercised more options, sold Te","content":"<p>Tesla shares climbed more than 1% in premarket trading&nbsp;although&nbsp;Musk exercised more options, sold Tesla shares worth $1.01 bln.</p><p><blockquote>尽管马斯克行使了更多期权，出售了价值 10.1 亿美元的特斯拉股票，但特斯拉股价在盘前交易中上涨超过 1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3d06e8d141d878dfc65c075eda739dc4\" tg-width=\"853\" tg-height=\"620\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.</p><p><blockquote>周四提交的监管文件显示，特斯拉首席执行官埃隆·马斯克又出售了这家电动汽车制造商的 934,091 股股票，价值 10.1 亿美元，以履行与行使购买 210 万股股票期权相关的纳税义务。</blockquote></p><p> In early November, the world's richest person tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.</p><p><blockquote>11月初，这位世界首富在推特上表示，如果社交媒体平台的用户批准，他将出售10%的股票。他们中的大多数人都同意出售。</blockquote></p><p> Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.</p><p><blockquote>自11月8日以来，马斯克已行使期权购买1070万股，并以109亿美元的价格出售1010万股。</blockquote></p><p> Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.</p><p><blockquote>在一系列期权行使之后，马斯克仍然可以选择以每股 6.24 美元的价格再购买约 1000 万股股票，该期权将于明年 8 月到期。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares climbed more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过 1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares climbed more than 1% in premarket trading<blockquote>特斯拉股价在盘前交易中上涨超过 1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 17:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla shares climbed more than 1% in premarket trading&nbsp;although&nbsp;Musk exercised more options, sold Tesla shares worth $1.01 bln.</p><p><blockquote>尽管马斯克行使了更多期权，出售了价值 10.1 亿美元的特斯拉股票，但特斯拉股价在盘前交易中上涨超过 1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3d06e8d141d878dfc65c075eda739dc4\" tg-width=\"853\" tg-height=\"620\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.</p><p><blockquote>周四提交的监管文件显示，特斯拉首席执行官埃隆·马斯克又出售了这家电动汽车制造商的 934,091 股股票，价值 10.1 亿美元，以履行与行使购买 210 万股股票期权相关的纳税义务。</blockquote></p><p> In early November, the world's richest person tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.</p><p><blockquote>11月初，这位世界首富在推特上表示，如果社交媒体平台的用户批准，他将出售10%的股票。他们中的大多数人都同意出售。</blockquote></p><p> Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.</p><p><blockquote>自11月8日以来，马斯克已行使期权购买1070万股，并以109亿美元的价格出售1010万股。</blockquote></p><p> Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.</p><p><blockquote>在一系列期权行使之后，马斯克仍然可以选择以每股 6.24 美元的价格再购买约 1000 万股股票，该期权将于明年 8 月到期。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129686412","content_text":"Tesla shares climbed more than 1% in premarket trading although Musk exercised more options, sold Tesla shares worth $1.01 bln.\n\nTesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.\nIn early November, the world's richest person tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.\nSince Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.\nFollowing a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607561752,"gmtCreate":1639564623613,"gmtModify":1639564623906,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Thanks.","listText":"Thanks.","text":"Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607561752","repostId":"1103453633","repostType":2,"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607568693,"gmtCreate":1639564766887,"gmtModify":1639564767203,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Good news! Thanks","listText":"Good news! Thanks","text":"Good news! Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607568693","repostId":"1107007095","repostType":4,"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604606319,"gmtCreate":1639379993920,"gmtModify":1639379994047,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604606319","repostId":"1175891189","repostType":4,"repost":{"id":"1175891189","kind":"news","pubTimestamp":1639354864,"share":"https://www.laohunote.com/m/news/1175891189?lang=zh_CN&edition=full","pubTime":"2021-12-13 08:21","market":"us","language":"en","title":"2 Reasons To Own Apple Stock in 2022: iPhone, Apple Glass<blockquote>2022 年持有苹果股票的 2 个理由：iPhone、苹果玻璃</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175891189","media":"TheStreet","summary":"As 2021 draws close to an end, investors seem confident that Apple stock will continue to perform st","content":"<p>As 2021 draws close to an end, investors seem confident that Apple stock will continue to perform strongly into the new year. Here are two reasons why they may be right.</p><p><blockquote>随着2021年接近尾声，投资者似乎有信心苹果股票将在新的一年继续强劲表现。以下是他们可能是对的两个原因。</blockquote></p><p> Wall Street analysts continue to debate whether Apple stock&nbsp;is a buy as we head into 2022. Recently,I presented the bear argument&nbsp;that, if proven right, could foretell a drop of around 18% in the stock price.</p><p><blockquote>随着 2022 年的到来，华尔街分析师继续争论苹果股票是否值得买入。最近，我提出了看跌论点，如果被证明是正确的，可能会预测股价下跌约 18%。</blockquote></p><p> But investors seem to be siding with bulls at the moment, as AAPL shares continue to make fresh highs. Today, I talk about two key reasons recently presented by analysts suggesting that Apple stock could be a good bet for the new year.</p><p><blockquote>但目前投资者似乎站在多头一边，因为 AAPL 股价继续创下新高。今天，我来谈谈分析师最近提出的两个关键原因，这两个原因表明苹果股票可能是新的一年的不错选择。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2e0accd2eec6d8660139f01d4786050\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple's iPhone 13, Apple Watch and AirPods Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 13、苹果手表和AirPods Pro。</span></p></blockquote></p><p> <b>iPhone: not all about the holiday</b></p><p><blockquote><b>iPhone：不全是关于假期</b></blockquote></p><p> The recent headlines have highlighted&nbsp;the expected performance of the iPhone&nbsp;in the current holiday period. Bloomberg hinted at a slowdown in demand, supported by alleged order cancellations with suppliers. The data point&nbsp;contradicted earlier Wall Street projections&nbsp;for an above-estimate volume of iPhone shipments in the current shopping season.</p><p><blockquote>最近的头条新闻突出了iPhone在当前假期的预期表现。彭博社暗示需求放缓，原因是供应商涉嫌取消订单。这一数据点与华尔街早些时候对当前购物季 iPhone 出货量高于预期的预测相矛盾。</blockquote></p><p> But DigiTimes Taiwan has recently&nbsp;shifted&nbsp;the focus of attention to the longer term. According to the publication, Apple is looking to “[increase] iPhone shipments by 30% for the first half of next year with the larger goal of exceeding 300 million iPhone shipments in 2022.”</p><p><blockquote>但台湾数字时代最近将注意力转移到了长期。据该出版物称，苹果希望 “明年上半年 iPhone 出货量[增加]30%，更大的目标是在 2022 年超过 3 亿部 iPhone 出货量”。</blockquote></p><p> If confirmed, this would represent massive YOY improvement, especially in the first few months of the year. Keep in mind (chart below) that the Cupertino company dropped the mic on iPhone sales in the early part of 2021, setting the bar very high for growth in 2022.</p><p><blockquote>如果得到证实，这将代表着同比的巨大改善，尤其是在今年的前几个月。请记住（下图），这家库比蒂诺公司在2021年初放弃了iPhone销售，为2022年的增长设定了非常高的门槛。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee90d77969b11205181863715e8ab4f1\" tg-width=\"784\" tg-height=\"544\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone revenue growth since F19.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：F19 以来 iPhone 收入增长。</span></p></blockquote></p><p> I would warn readers, however, not to rely too much on unofficial announcements about iPhone sales. In addition to the issue of reliability of rumors, the assumption of higher shipments could be a misread on Apple ramping up iPhone production to anticipate supply chain constraints.</p><p><blockquote>不过，我要警告读者，不要过分依赖关于iPhone销售的非官方公告。除了谣言的可靠性问题之外，出货量增加的假设可能是对苹果提高 iPhone 产量以应对供应链限制的误读。</blockquote></p><p> <b>Apple Glass: the next big thing</b></p><p><blockquote><b>苹果玻璃：下一件大事</b></blockquote></p><p> The other key reason to own AAPL in 2022 could be the introduction of a brand-new product category. Wedbush’s Dan Ives has been&nbsp;labeling&nbsp;the new device “Apple Glass”, the company’s first attempt at penetrating the AR/VR (augmented and virtual reality) space.</p><p><blockquote>2022 年持有 AAPL 的另一个关键原因可能是推出全新的产品类别。Wedbush 的丹-艾夫斯（Dan Ives）一直将这款新设备称为 “苹果眼镜”，这是该公司首次尝试打入 AR/VR（增强和虚拟现实）领域。</blockquote></p><p> Mr. Ives goes further and estimates the impact of the new product on Apple stock price. According to the analyst, the product launch “could eventually add approximately $20 per share to the sum-of-the-parts value” of the shares.</p><p><blockquote>艾夫斯先生更进一步，估计了新产品对苹果股价的影响。据这位分析师称，该产品的推出 “最终可能会使股票的每股价值增加约 20 美元”。</blockquote></p><p> Wedbush is not alone in its bullish assessment.Morgan Stanley has already suggested&nbsp;that Apple unveiling a mixed reality device in 2022 would be the key catalyst for the hotly-debated metaverse to finally take off.</p><p><blockquote>韦德布什并不是唯一一个持乐观评估的人。摩根士丹利已经表示，苹果将于 2022 年推出混合现实设备，这将是备受争议的元宇宙最终起飞的关键催化剂。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> Even as Apple stock reaches its all-time high of $175 apiece, I maintain my bullish stance on the name. Apple’s position as the most important player in consumer tech is at the center of the investment thesis, in my view.</p><p><blockquote>尽管苹果股票达到每股 175 美元的历史新高，但我仍然看好该名称。在我看来，苹果作为消费科技领域最重要参与者的地位是投资论点的核心。</blockquote></p><p> However, keep in mind that buying AAPL at peak price has produced one-year forward returns of “only” 25%, on average, during the iPhone era (i.e. since 2007). This number compares to a much better 46% average annual gain when the stock was bought following a 10% drawdown.</p><p><blockquote>不过，请记住，在 iPhone 时代（即自 2007 年以来），以最高价购买苹果公司的一年远期回报率 “仅 ”为 25%。相比之下，当该股在下跌 10% 后被买入时，平均年涨幅为 46%，要好得多。</blockquote></p><p> From current levels, therefore, I think that investors should expect to rake in lower returns than if they were buying a dip in share price.</p><p><blockquote>因此，从目前的水平来看，我认为投资者应该预期获得比在股价下跌时买入更低的回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Reasons To Own Apple Stock in 2022: iPhone, Apple Glass<blockquote>2022 年持有苹果股票的 2 个理由：iPhone、苹果玻璃</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Reasons To Own Apple Stock in 2022: iPhone, Apple Glass<blockquote>2022 年持有苹果股票的 2 个理由：iPhone、苹果玻璃</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-13 08:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As 2021 draws close to an end, investors seem confident that Apple stock will continue to perform strongly into the new year. Here are two reasons why they may be right.</p><p><blockquote>随着2021年接近尾声，投资者似乎有信心苹果股票将在新的一年继续强劲表现。以下是他们可能是对的两个原因。</blockquote></p><p> Wall Street analysts continue to debate whether Apple stock&nbsp;is a buy as we head into 2022. Recently,I presented the bear argument&nbsp;that, if proven right, could foretell a drop of around 18% in the stock price.</p><p><blockquote>随着 2022 年的到来，华尔街分析师继续争论苹果股票是否值得买入。最近，我提出了看跌论点，如果被证明是正确的，可能会预测股价下跌约 18%。</blockquote></p><p> But investors seem to be siding with bulls at the moment, as AAPL shares continue to make fresh highs. Today, I talk about two key reasons recently presented by analysts suggesting that Apple stock could be a good bet for the new year.</p><p><blockquote>但目前投资者似乎站在多头一边，因为 AAPL 股价继续创下新高。今天，我来谈谈分析师最近提出的两个关键原因，这两个原因表明苹果股票可能是新的一年的不错选择。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2e0accd2eec6d8660139f01d4786050\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple's iPhone 13, Apple Watch and AirPods Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 13、苹果手表和AirPods Pro。</span></p></blockquote></p><p> <b>iPhone: not all about the holiday</b></p><p><blockquote><b>iPhone：不全是关于假期</b></blockquote></p><p> The recent headlines have highlighted&nbsp;the expected performance of the iPhone&nbsp;in the current holiday period. Bloomberg hinted at a slowdown in demand, supported by alleged order cancellations with suppliers. The data point&nbsp;contradicted earlier Wall Street projections&nbsp;for an above-estimate volume of iPhone shipments in the current shopping season.</p><p><blockquote>最近的头条新闻突出了iPhone在当前假期的预期表现。彭博社暗示需求放缓，原因是供应商涉嫌取消订单。这一数据点与华尔街早些时候对当前购物季 iPhone 出货量高于预期的预测相矛盾。</blockquote></p><p> But DigiTimes Taiwan has recently&nbsp;shifted&nbsp;the focus of attention to the longer term. According to the publication, Apple is looking to “[increase] iPhone shipments by 30% for the first half of next year with the larger goal of exceeding 300 million iPhone shipments in 2022.”</p><p><blockquote>但台湾数字时代最近将注意力转移到了长期。据该出版物称，苹果希望 “明年上半年 iPhone 出货量[增加]30%，更大的目标是在 2022 年超过 3 亿部 iPhone 出货量”。</blockquote></p><p> If confirmed, this would represent massive YOY improvement, especially in the first few months of the year. Keep in mind (chart below) that the Cupertino company dropped the mic on iPhone sales in the early part of 2021, setting the bar very high for growth in 2022.</p><p><blockquote>如果得到证实，这将代表着同比的巨大改善，尤其是在今年的前几个月。请记住（下图），这家库比蒂诺公司在2021年初放弃了iPhone销售，为2022年的增长设定了非常高的门槛。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee90d77969b11205181863715e8ab4f1\" tg-width=\"784\" tg-height=\"544\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone revenue growth since F19.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：F19 以来 iPhone 收入增长。</span></p></blockquote></p><p> I would warn readers, however, not to rely too much on unofficial announcements about iPhone sales. In addition to the issue of reliability of rumors, the assumption of higher shipments could be a misread on Apple ramping up iPhone production to anticipate supply chain constraints.</p><p><blockquote>不过，我要警告读者，不要过分依赖关于iPhone销售的非官方公告。除了谣言的可靠性问题之外，出货量增加的假设可能是对苹果提高 iPhone 产量以应对供应链限制的误读。</blockquote></p><p> <b>Apple Glass: the next big thing</b></p><p><blockquote><b>苹果玻璃：下一件大事</b></blockquote></p><p> The other key reason to own AAPL in 2022 could be the introduction of a brand-new product category. Wedbush’s Dan Ives has been&nbsp;labeling&nbsp;the new device “Apple Glass”, the company’s first attempt at penetrating the AR/VR (augmented and virtual reality) space.</p><p><blockquote>2022 年持有 AAPL 的另一个关键原因可能是推出全新的产品类别。Wedbush 的丹-艾夫斯（Dan Ives）一直将这款新设备称为 “苹果眼镜”，这是该公司首次尝试打入 AR/VR（增强和虚拟现实）领域。</blockquote></p><p> Mr. Ives goes further and estimates the impact of the new product on Apple stock price. According to the analyst, the product launch “could eventually add approximately $20 per share to the sum-of-the-parts value” of the shares.</p><p><blockquote>艾夫斯先生更进一步，估计了新产品对苹果股价的影响。据这位分析师称，该产品的推出 “最终可能会使股票的每股价值增加约 20 美元”。</blockquote></p><p> Wedbush is not alone in its bullish assessment.Morgan Stanley has already suggested&nbsp;that Apple unveiling a mixed reality device in 2022 would be the key catalyst for the hotly-debated metaverse to finally take off.</p><p><blockquote>韦德布什并不是唯一一个持乐观评估的人。摩根士丹利已经表示，苹果将于 2022 年推出混合现实设备，这将是备受争议的元宇宙最终起飞的关键催化剂。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> Even as Apple stock reaches its all-time high of $175 apiece, I maintain my bullish stance on the name. Apple’s position as the most important player in consumer tech is at the center of the investment thesis, in my view.</p><p><blockquote>尽管苹果股票达到每股 175 美元的历史新高，但我仍然看好该名称。在我看来，苹果作为消费科技领域最重要参与者的地位是投资论点的核心。</blockquote></p><p> However, keep in mind that buying AAPL at peak price has produced one-year forward returns of “only” 25%, on average, during the iPhone era (i.e. since 2007). This number compares to a much better 46% average annual gain when the stock was bought following a 10% drawdown.</p><p><blockquote>不过，请记住，在 iPhone 时代（即自 2007 年以来），以最高价购买苹果公司的一年远期回报率 “仅 ”为 25%。相比之下，当该股在下跌 10% 后被买入时，平均年涨幅为 46%，要好得多。</blockquote></p><p> From current levels, therefore, I think that investors should expect to rake in lower returns than if they were buying a dip in share price.</p><p><blockquote>因此，从目前的水平来看，我认为投资者应该预期获得比在股价下跌时买入更低的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/2-reasons-to-own-apple-stock-in-2022-iphone-apple-glass\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/2-reasons-to-own-apple-stock-in-2022-iphone-apple-glass","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175891189","content_text":"As 2021 draws close to an end, investors seem confident that Apple stock will continue to perform strongly into the new year. Here are two reasons why they may be right.\nWall Street analysts continue to debate whether Apple stock is a buy as we head into 2022. Recently,I presented the bear argument that, if proven right, could foretell a drop of around 18% in the stock price.\nBut investors seem to be siding with bulls at the moment, as AAPL shares continue to make fresh highs. Today, I talk about two key reasons recently presented by analysts suggesting that Apple stock could be a good bet for the new year.\nFigure 1: Apple's iPhone 13, Apple Watch and AirPods Pro.\niPhone: not all about the holiday\nThe recent headlines have highlighted the expected performance of the iPhone in the current holiday period. Bloomberg hinted at a slowdown in demand, supported by alleged order cancellations with suppliers. The data point contradicted earlier Wall Street projections for an above-estimate volume of iPhone shipments in the current shopping season.\nBut DigiTimes Taiwan has recently shifted the focus of attention to the longer term. According to the publication, Apple is looking to “[increase] iPhone shipments by 30% for the first half of next year with the larger goal of exceeding 300 million iPhone shipments in 2022.”\nIf confirmed, this would represent massive YOY improvement, especially in the first few months of the year. Keep in mind (chart below) that the Cupertino company dropped the mic on iPhone sales in the early part of 2021, setting the bar very high for growth in 2022.\nFigure 2: iPhone revenue growth since F19.\nI would warn readers, however, not to rely too much on unofficial announcements about iPhone sales. In addition to the issue of reliability of rumors, the assumption of higher shipments could be a misread on Apple ramping up iPhone production to anticipate supply chain constraints.\nApple Glass: the next big thing\nThe other key reason to own AAPL in 2022 could be the introduction of a brand-new product category. Wedbush’s Dan Ives has been labeling the new device “Apple Glass”, the company’s first attempt at penetrating the AR/VR (augmented and virtual reality) space.\nMr. Ives goes further and estimates the impact of the new product on Apple stock price. According to the analyst, the product launch “could eventually add approximately $20 per share to the sum-of-the-parts value” of the shares.\nWedbush is not alone in its bullish assessment.Morgan Stanley has already suggested that Apple unveiling a mixed reality device in 2022 would be the key catalyst for the hotly-debated metaverse to finally take off.\nThe Apple Maven’s take\nEven as Apple stock reaches its all-time high of $175 apiece, I maintain my bullish stance on the name. Apple’s position as the most important player in consumer tech is at the center of the investment thesis, in my view.\nHowever, keep in mind that buying AAPL at peak price has produced one-year forward returns of “only” 25%, on average, during the iPhone era (i.e. since 2007). This number compares to a much better 46% average annual gain when the stock was bought following a 10% drawdown.\nFrom current levels, therefore, I think that investors should expect to rake in lower returns than if they were buying a dip in share price.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693174521,"gmtCreate":1639993350305,"gmtModify":1639993921282,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Wow…[Surprised]&nbsp;","listText":"Wow…[Surprised]&nbsp;","text":"Wow…[Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693174521","repostId":"1117827522","repostType":4,"repost":{"id":"1117827522","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639992697,"share":"https://www.laohunote.com/m/news/1117827522?lang=zh_CN&edition=full","pubTime":"2021-12-20 17:31","market":"us","language":"en","title":"Verso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117827522","media":"Tiger Newspress","summary":"Verso shares jumped 30.67% in premarket trading.Verso inks merger agreement under which BillerudKors","content":"<p>Verso&nbsp;shares&nbsp;jumped&nbsp;30.67%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/77f894b0ff58e5cdc819358dec775a50\" tg-width=\"714\" tg-height=\"600\" width=\"100%\" height=\"auto\">Verso&nbsp;inks&nbsp;merger agreement&nbsp;under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.</p><p><blockquote>Verso 股价在盘前交易中上涨 30.67%。Verso 签署合并协议，根据该协议，BillerudKorsnäs AB 将以每股 27 美元现金（约合 8.25 亿美元）收购 Verso 所有已发行股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Verso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVerso shares jumped 30.67% in premarket trading<blockquote>Verso股价在盘前交易中上涨30.67%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-20 17:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Verso&nbsp;shares&nbsp;jumped&nbsp;30.67%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/77f894b0ff58e5cdc819358dec775a50\" tg-width=\"714\" tg-height=\"600\" width=\"100%\" height=\"auto\">Verso&nbsp;inks&nbsp;merger agreement&nbsp;under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.</p><p><blockquote>Verso 股价在盘前交易中上涨 30.67%。Verso 签署合并协议，根据该协议，BillerudKorsnäs AB 将以每股 27 美元现金（约合 8.25 亿美元）收购 Verso 所有已发行股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117827522","content_text":"Verso shares jumped 30.67% in premarket trading.Verso inks merger agreement under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for $27 per share in cash, or ~$825M.","news_type":1,"symbols_score_info":{"VRS":0.9}},"isVote":1,"tweetType":1,"viewCount":3638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693120196,"gmtCreate":1639988460176,"gmtModify":1639988460322,"author":{"id":"4095985983723070","authorId":"4095985983723070","name":"CTSM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095985983723070","idStr":"4095985983723070"},"themes":[],"title":"","htmlText":"Gravity defying fruit! Go Apple go!","listText":"Gravity defying fruit! Go Apple go!","text":"Gravity defying fruit! Go Apple go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693120196","repostId":"1183475424","repostType":2,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}